Evernorth Raises $30M to Buy More XRP for Its Treasury

By Michael Adeleke

Evernorth, an investment vehicle for XRP, has raised $30 million from a South Korean investor. These funds will be used to acquire more XRP prior to listing its stock on the Nasdaq stock exchange.

JUST IN: 🇰🇷 XRP treasury firm Evernorth secures $30M convertible-note commitment from South Korea’s NH Investment & Securities, contingent on SPAC merger close, with proceeds earmarked for general purposes including $XRP buys. pic.twitter.com/zZVa8PgCVq

— Whale Insider (@WhaleInsider) September 18, 2026

Evernorth gets funded by investment firm

The funds were raised through the issuance of Convertible notes that were issued to NH Investment & Securities, a securities firm from South Korea. The notes were purchased by NH Investment & Securities as a trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3, which is a private investment trust in Korea. 

It should be noted that the transaction is contingent upon the completion of Evernorth’s merger with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC).

In the 8-K filing, Evernorth declared its intention to use $30 million “for general corporate purposes, including the acquisition of XRP and other activities within the XRP ecosystem.”

Evernorth holds XRP, and at the same time, it is seeking ways of earning profits from this asset on the blockchain

The Convertible Notes have been offered and sold in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933. Evernorth reported that the buyer can be considered a “qualified institutional buyer” under Rule 144A of the Securities Act..

A different deal from Ripple’s Korea partnership

It is also important to mention that this particular investment is not part of any previous collaboration between Ripple and Kyobo Life. In 2026, Ripple worked with Kyobo Life to develop South Korea’s tokenization market through the Ripple Custody service for settling the tokenization of South Korean Government bonds.

This was primarily about developing technology and custody solutions. This new investment was made by the Kyobo AIM trust into Evernorth’s notes, which is linked to the company going public.

Evernorth’s Nasdaq listing progress

The XRP treasury listing has seen some progress. Last month, the U.S. SEC declared the company’s Form S-4 registration statement effective. This registration covers Evernorth’s planned merger with Armada Acquisition Corp. II.

Asheesh Birla, Evernorth’s founder and CEO, previously said the company is entering public markets as blockchain utility expands and institutional finance moves on-chain. According to him, the reason for the purpose of the company was to speed up the adoption of XRP in this process.

Under the S-4 filing, there are 34,499,992 shares of Evernorth Class A common stock and 11,499,992 warrants to be issued on account of the merger. Should the merger take place, then the merged entity will trade on Nasdaq under the ticker symbol XRPN.

Investors for the company include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. The SPAC merger is set to take place in late Q3 or early Q4 2026.

Source:: Evernorth Raises $30M to Buy More XRP for Its Treasury