Evernorth takes a page from Michael Saylor’s Bitcoin playbook with new $80 million XRP funding plan

Evernorth Holdings could raise approximately $80 million through a new equity financing agreement with Cantor Fitzgerald to expand its XRP treasury.The Ripple-backed company entered into a stock purchase agreement with CF Principal Investments, a Cantor Fitzgerald affiliate, on Oct. 23, allowing it to sell up to 5.22 million newly issued Class A common shares over approximately 14 months.An accompanying SEC prospectus estimates that the arrangement could generate $80.7 million in gross proceeds, or approximately $78.3 million after fees and expenses, based on Evernorth's Oct. 22 closing share price of $15.46.Evernorth intends to allocate a substantial portion of the proceeds toward acquiring additional XRP, while using the remaining capital for working capital, corporate expenses, and activities within the XRP ecosystem.Under the agreement, the Nasdaq-listed company can direct Cantor to purchase shares periodically at 97% of their volume-weighted average trading price. The arrangement lets Evernorth access capital in installments, with management deciding when to issue shares based on market conditions and financing needs.However, the purchases are subject to restrictions, includin...