XRP Treasury Giant Evernorth Raises $30 Million – But There’s a Catch

The company has secured another $30 million in financing as it moves closer to completing its planned public-market debut.

The latest SEC filing from the XRP-focused treasury company reveals that the funds will come through convertible senior notes tied directly to the closing of the business combination with Armada Acquisition Corp. II.

It also reads that Evernorth has entered into a note purchase agreement on September 11 with NH Investment & Securities, acting as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3.

Deal Depends on the Nasdaq Move

The aforementioned structure is important as Evernorth agreed to sell $30 million in 4% Convertible senior PIK Notes due 2031 rather than issuing ordinary shares. Payment-In-Kind (PIK) notes typically allow interest obligations to be paid through additional securities rather than entirely in cash.

The financing is not complete yet, as the issuance of the notes is explicitly conditional on the closing of the company’s previously announced business combination involving Armada II, Pathfinder Digital assets, and Ripple Labs. The two transactions are expected to close concurrently.