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Evernorth plans $30M convertible notes to fund XRP buys, pending merger closure in Q4

Protocol Fundamentals
18 Sep 2026
Bitcoin
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Bullish
Evernorth plans $30M convertible notes to fund XRP buys, pending merger closure in Q4

Evernorth has agreed to issue $30 million in 4% convertible notes due 2031 to finance XRP purchases and ecosystem activities, contingent on its merger with Armada Acquisition Corp. II closing in Q4 2026. The proceeds will support Evernorth's strategy to build a public XRP treasury and expand its role in XRP's financial infrastructure, including liquidity provision and tokenized markets. The notes carry payment-in-kind interest and can be converted into Evernorth shares after one year post-merger. Shareholder approval of the merger is required before the financing can proceed, with the combined company expected to trade on Nasdaq under the ticker XRPN if successful.

XRP trades at Rp25.045 on Pluang as of Sep 19, 2026, 09:21 WIB, rising 8.17% in one day. Its market cap stands at Rp1.566,93 trillion with a 24-hour volume of Rp87,14 trillion. Buy orders dominate at 60%, and typical holding time is 71 days, showing active investor interest during this period.

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