Evernorth Holdings is preparing a potential equity financing worth about $80 million to increase its XRP holdings, in a strategy that mirrors the share-funded Bitcoin accumulation model associated with Michael Saylor’s Strategy.
According to CryptoSlate, the Ripple-backed company signed a stock purchase agreement on October 23 with CF Principal Investments, an affiliate of Cantor Fitzgerald. The arrangement allows Evernorth to sell as many as 5.22 million newly issued Class A common shares over roughly 14 months.
An accompanying filing with the US Securities and Exchange Commission estimates that the sale could produce $80.7 million in gross proceeds. After fees and expenses, the company expects the net amount to be approximately $78.3 million, based on Evernorth’s October 22 closing share price of $15.46.
The financing has not started. Evernorth must first obtain effectiveness for its resale registration statement from the SEC and satisfy other contractual conditions. The eventual amount raised will therefore depend on the company’s share price, trading liquidity and the number of shares it ultimately chooses to issue.
How the Cantor Fitzgerald facility would work
Evernorth would not be required to sell all of the shares at once. Instead, the company could direct Cantor Fitzgerald to purchase stock periodically, giving management control over when to access the facility according to financing needs and market conditions.
The shares would be sold at 97% of their volume-weighted average trading price during the relevant purchase period. A volume-weighted average price reflects both the prices at which a stock trades and the amount traded at each price.
The agreement includes limits intended to restrict the pace and size of the transactions. In general, Cantor Fitzgerald’s purchases cannot exceed 20% of trading volume during the applicable period. The investment firm would also be subject to a 4.99% ownership limit in Evernorth.
Evernorth must pay an initial commitment fee of about $522,000. Under certain conditions, that fee could rise to $1 million. Because the company would issue new shares, a completed sale could increase its available capital while reducing the ownership percentage represented by each existing share.
Evernorth plans to direct a substantial portion of the proceeds toward buying additional XRP. The remainder is intended for working capital, corporate expenses and activities connected with the XRP ecosystem.
A second possible source of capital
The Cantor Fitzgerald agreement is not Evernorth’s only potential route to new funding. An earlier SEC filing registered the possible issuance of nearly 11.5 million Class A shares through the exercise of outstanding public warrants.
The warrants were issued by the special purpose acquisition company involved in Evernorth’s public listing. They allow holders to purchase Evernorth shares for $11.50 each. If all of the warrants were exercised for cash, the company could receive approximately $132.2 million.
That amount is not guaranteed. The proceeds would depend on warrant holders deciding to exercise their rights. Evernorth has said that money received from the warrants would be available for general corporate purposes, with management retaining discretion over how it is used.
Together, the two filings show the financing channels Evernorth is developing after its October public-market debut. Both could increase the company’s capital base, but any issuance of new shares would also dilute existing shareholders.
The company has indicated that it generally aims to raise capital when its stock trades at a premium to the net asset value of its XRP holdings. In that situation, Evernorth seeks to use equity financing to purchase more XRP while attempting to increase the amount of the underlying asset attributable to each share.
XRP strategy follows the Bitcoin treasury model
Evernorth’s plan resembles the approach pioneered by Michael Saylor’s Strategy, formerly known as MicroStrategy in the source material’s comparison. Strategy has repeatedly sold shares to investors and used the proceeds to acquire Bitcoin, turning demand for its equity into a source of funding for digital-asset purchases.
Evernorth is applying a comparable model to XRP. Its public listing provides access to equity capital beyond the funds raised at its initial market debut, while the pending Cantor facility and the outstanding warrants create possible additional funding routes.
The size of any future XRP purchases will depend on how much capital Evernorth can raise and how many shares it issues. The proposed financing remains conditional, so the company’s planned expansion of its XRP treasury has not yet been completed.
Current crypto market picture
Moneyiar market data at 22:38-22:39 on October 25, 2026, showed XRP at $1.2991099051, up 0.56% over 24 hours and 0.09% over seven days. Bitcoin was priced at $80430.506808014, down 0.08% in 24 hours and 1.32% over seven days.
Celestia stood at $0.5321576029, unchanged over 24 hours and down 11.85% over seven days, while OriginTrail was at $0.3709267304, down 3.98% in 24 hours and 5.1% over seven days.
