Evernorth takes a page from Michael Saylor’s Bitcoin playbook with new $80 million XRP funding plan
Ripple-backed Evernorth may raise about $80.7 million gross, or $78.3 million net, through a 14-month agreement allowing Cantor Fitzgerald affiliate CF Principal Investments to buy up to 5.22 million newly issued shares. Evernorth plans to use a substantial portion of the proceeds to buy XRP. The facility has not started and requires SEC registration effectiveness; proceeds depend on share price, liquidity and how many shares are issued. Cantor purchases are generally capped at 20% of trading volume and its ownership at 4.99%. Separately, holders could exercise warrants for up to nearly 11.5 million shares at $11.50 each, potentially generating $132.2 million. Both sources may dilute existing shareholders. Evernorth says it aims to raise capital when its stock trades above the value of its XRP holdings, following a model used by Bitcoin treasury company Strategy.
