Ripple-Backed Evernorth’s XRP Spree Gets a $80.7 Million Stock-Powered Refill

Ripple-backed Evernorth Holdings entered a stock purchase agreement with CF Principal Investments, an affiliate of Cantor Fitzgerald, to issue nearly 5.2 million XRPN Class A common shares over the coming months. The approximately $80 million financing is expected to generate proceeds of $80.7 million, which Evernorth plans to use to acquire additional XRP.

Under the agreement, CF Principal Investments can purchase Evernorth shares at a price equal to 97% of the volume-weighted average price (VWAP) during the period. The actual fundraising scale will depend on Evernorth’s stock price, market liquidity and the number of shares issued.

Evernorth has adopted a funding model similar to Michael Saylor-led Strategy’s Bitcoin accumulation strategy, using equity issuance to expand its XRP treasury. The company also plans to allocate a portion of the proceeds to working capital.

XRP remains range-bound, while derivatives markets have witnessed buying activity ahead of Ripple Swell.