The deal would generate about $300 million in gross cash proceeds before expenses, consisting of $225 million from related private placements, $30 million in incremental convertible note financing and roughly $48 million from trust proceeds. Investors have separately contributed $XRP to the transaction.
Evernorth expects to hold about 473 million $XRP at closing, according to the company, a stash worth $705 million at current market prices. Ripple is among its investors, alongside Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR.
The company said its public listing will provide investors with a regulated and liquid way to gain exposure to $XRP. Evernorth plans to grow its $XRP per-share holdings through yield strategies, participation in the $XRP ecosystem and capital markets activities.