Evernorth's XRP Treasury Plan Approved, But Real Buying Power Falls Short of $300 Million

Shareholders approve Evernorth's merger, but funding details matter

Evernorth received shareholder approval for its merger with Armada Acquisition Corp. II on September 30. The deal would take the company public on Nasdaq under the ticker XRPN, making it a publicly traded XRP treasury. Shares are expected to begin trading on October 8, after a closing date of October 7, provided all remaining conditions are met.

The announcement has drawn attention to how much fresh buying power the company will actually have for XRP. While Evernorth has pointed to roughly $300 million in gross cash sources, most of that figure is not available for new token purchases at closing.

Where the $300 million figure comes from

Evernorth disclosed three main funding components tied to the merger: $225 million in private placements, $30 million in incremental convertible notes, and approximately $48 million in expected trust proceeds. Those items total about $303 million before transaction expenses.

However, the private placement portion includes $214.05 million in advance cash subscriptions that were already used to fund a prior XRP purchase. In November 2025, Evernorth reported buying roughly 84.37 million XRP at an average price of about $2.54 per token. That transaction was financed from those advance subscriptions. Money spent on previous purchases cannot be counted again toward future spending.

The company's definitive proxy does not provide a precise figure for any unused portion of the advance subscription cash remaining at closing.

What's left for future XRP purchases

If the remaining funds settle as described, only about $88.5 million in gross sources is directly tied to the closing:

• $10.5 million in delayed cash subscriptions, subject to subscription and combination closing conditions
• $30 million in incremental convertible notes, dependent on the business combination closing
• Approximately $48 million in expected trust proceeds, before transaction expenses

This $88.5 million represents a gross total, not a purchase budget. Expenses, operating needs, working capital, and other corporate uses could further reduce the cash available for XRP acquisitions. Additionally, any remaining unused advance cash is unmeasured and undisclosed.

What XRP contributed to the merger changes the math

The financing also includes separate XRP contributions alongside the cash commitments. Tokens contributed as part of the deal do not represent new purchases on the open market and therefore do not add to spot demand for XRP.

Key uncertainties remain

Several important details are still unclear. The exact balance of unused advance subscription cash has not been disclosed. The timing and conditions for the convertible note issuance remain tied to the merger closing, which has not yet occurred. The company has not stated a specific amount it plans to spend on future XRP purchases, and transaction costs will reduce whatever cash is available.

Why this matters

Evernorth's merger represents one of the larger corporate structures built around holding XRP as a treasury asset. Investors and market observers have looked to the company's funding as a potential source of demand for XRP. Understanding that most of the headline $300 million was already deployed helps separate the company's past activity from its future purchasing capacity.

What happens next

The merger must satisfy remaining conditions before closing on October 7. If successful, the combined company's shares will begin trading on Nasdaq on October 8. Any further details on XRP purchases would come through subsequent disclosures from the company.

Sources

• CryptoSlate