Evernorth's Public Warrants Could Bring Up to $132.2 Million in Cash

Full cash exercise at $11.50 per warrant would give Evernorth Holdings Inc. gross proceeds of roughly $132.2 million.

The warrants cover 11,499,992 Class A shares, with each warrant allowing its holder to buy one share for $11.50. Evernorth would receive the potential cash only if holders exercise the warrants for cash. No exercise is assured, and the maximum proceeds assume every covered warrant is exercised.

Evernorth may use net proceeds for corporate needs and has discretion over their allocation. The money is not earmarked for XRP purchases. Separately, Evernorth plans capital raises when conditions permit and intends to acquire XRP using trading methods designed to reduce slippage. It sees capital raising as more viable when its shares trade above the net asset value of its XRP holdings. Evernorth has not set an XRP purchase amount or timetable for the potential warrant proceeds.

Earlier subscriptions were tied to the business combination. Advance subscriptions involved about $214.05 million in cash and 600,000 XRP; the cash funded a purchase of 84,365,876 XRP. Delayed subscribers contributed $10.5 million and 200,000 XRP at closing. Ripple contributed 126,791,458 XRP to Pathfinder Digital Assets LLC in exchange for units.

On Oct. 14, Evernorth put its treasury at 473 million XRP and identified Ripple, Kraken, Coinbase and BitGo for planned accumulation and deployment in Q4 2026.