Evernorth’s $132 million funding option could buy more XRP while reducing XRP per share
Summary
Evernorth’s October 19 effective registration allows up to 11,499,992 public-warrant shares to be issued at $11.50 each, potentially raising $132.25 million before costs. Exercise is not guaranteed, and the company has no obligation to spend proceeds on XRP. A conditional model, using 473 million XRP and estimated economic claims including outside subsidiary units, puts holdings at about 6.07 XRP per claim. At the October 22 price of $1.32, preserving that ratio would require allocating roughly 70% of gross warrant proceeds to XRP purchases—about 70 million XRP at full cash exercise. Actual per-share results depend on warrant exercises, token purchases, and current ownership and share figures, which have not been disclosed.
