Evernorth, an investment vehicle focused on building and managing an XRP treasury, has secured a $30 million commitment through convertible notes from South Korean securities firm NH Investment & Securities. The capital is designated for general corporate purposes that include purchasing XRP and supporting related activities within the XRP ecosystem as the company advances toward a public listing.

The financing takes the form of 4% Convertible Senior PIK Notes due 2031. NH Investment & Securities is acting as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. The notes may convert into cash, Evernorth Class A common stock, or a combination of both at the purchaser’s election. The private placement was conducted under Section 4(a)(2) of the Securities Act of 1933, with the buyer qualifying as a qualified institutional buyer under Rule 144A.

Funding Tied to SPAC Merger and Public Listing

Issuance of the notes is contingent on the successful completion of Evernorth’s planned business combination with Armada Acquisition Corp. II, a special purpose acquisition company. The combined entity is expected to trade on Nasdaq under the ticker symbol XRPN.

Evernorth’s Form S-4 registration statement covering the merger was declared effective by the U.S. Securities and Exchange Commission on August 27. Armada shareholders are scheduled to vote on the transaction on September 30. The merger is currently targeted for completion in the fourth quarter of 2026, following earlier guidance that pointed to late third quarter or early fourth quarter timing.

Under the registration statement, approximately 34.5 million shares of Evernorth Class A common stock and 11.5 million warrants are expected to be issued in connection with the merger.

XRP Acquisition Plans and Existing Backing

Evernorth intends to use the full $30 million to acquire spot XRP on the open market, thereby expanding its treasury holdings ahead of the public offering. The company positions itself as a dedicated XRP treasury manager seeking to provide traditional investors with equity exposure to an actively managed strategy centered on the digital asset.

Ripple is identified as Evernorth’s sole stockholder as of the date of the note purchase agreement. Earlier investors and backers include Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. Ripple has also provided related-party revolving credit facilities to Evernorth and an affiliated entity known as Pathfinder.

Company leadership has described the move into public markets as aligned with expanding blockchain utility and the shift of institutional finance onto blockchain networks, with the goal of accelerating XRP adoption through a transparent corporate structure.

Distinction from Prior South Korean Collaborations

The convertible note investment is separate from earlier work between Ripple and Kyobo Life involving custody solutions and the tokenization of South Korean government bonds. The current commitment represents a direct capital allocation into Evernorth’s notes rather than a technology or custody partnership.

NH Investment & Securities ranks among South Korea’s larger brokerage and investment firms, with operations spanning securities trading, investment banking, and asset management. The participation of a major Korean institutional channel brings additional capital into Evernorth’s XRP-focused strategy as the firm prepares for its anticipated Nasdaq debut.