Evernorth Holdings can now raise up to about $132.2 million, but that money is not in hand. The figure comes from a final prospectus the company filed with the SEC on October 19, 2026, registering 11,499,992 shares of Class A common stock that would be issued when holders of its public warrants exercise at $11.50 per share. At that price, a full exercise would bring in $132,249,908. The registration carries SEC file number 333-294417.
The warrants trace back to the blank-check company that took Evernorth public. Each warrant entitles its holder to buy one Class A share at $11.50. On October 16, the last reported sale price was $15.45 for the Class A shares and $4.16 for the warrants, according to the filing. At $15.45, every warrant sits $3.95 in the money, and the $4.16 warrant price leaves only about $0.21 of time value, suggesting the market is pricing these instruments mostly as a levered bet on shares already above the exercise price. Evernorth’s shares trade on Nasdaq under XRPN and its warrants under XRPNW, and the company collects proceeds only when holders exercise for cash.
The filing also discloses two XRP price benchmarks. The business combination was signed on October 19, 2025, at a Signing XRP Price of $2.36609. It closed at a Closing XRP Price of $1.43069, a decline of about 39.5%. The deal’s adjustment terms only issued extra shares to early subscribers when the closing price exceeded the signing price, and it did not, so no adjustment shares were issued.
Under its Treasury Reserve Policy, adopted at closing, Evernorth holds XRP as the primary treasury reserve asset “subject to market conditions and anticipated needs of the business for cash assets.” That final clause means the company can hold cash when it needs cash, and the prospectus does not earmark the $132.2 million for XRP purchases. The allocation stays discretionary.
The existing reserve was built before any warrant dollars arrive. Sponsor Arrington XRP Capital Fund contributed roughly 211 million XRP through a Series C subscription, and the Larsen Lam Children’s Remainder Trust added 50 million XRP. Advance funding brought $214.05 million in cash plus 600,000 XRP, and delayed funding added $10.5 million plus 200,000 XRP. As of October 9, 2026, the company held approximately 473 million XRP.
The registration is a technical step, not a sale. It clears the shares that already back the public warrants so holders can convert them, and it does not itself issue new shares or raise money. The $132.2 million ceiling is the most the company could collect if every warrant were exercised for cash, which depends on the share price staying above $11.50.
A fully exercised warrant raise would add about $132 million before costs, meaningful for Evernorth’s balance sheet but small next to XRP’s daily trading volume. Whether the company converts that optionality into more XRP depends on future decisions and market conditions, not on the registration itself. The warrants trade in the money, so the market is betting on the shares today rather than waiting on a fresh wave of XRP accumulation.
Source: BlockchainReporter.