XRP treasury management company Evernorth has raised $30 million through convertible bonds issued to South Korean institutional investor NH Investment & Securities. The financing is contingent upon the successful completion of Evernorth's merger with a special purpose acquisition company (SPAC). Proceeds from the offering will be allocated to purchase spot XRP ahead of the company's planned Nasdaq listing under the ticker "XRPN." The capital raise supports Evernorth's strategy to establish a publicly traded vehicle focused on direct XRP exposure.