Evernorth’s public-warrant registration became effective on October 19, 2026, opening a potential route to about $132 million before costs if all covered warrants are exercised for cash. Exercise is not assured, and permitted cashless exercises would not bring in the $11.5-per-share exercise price. The filing does not require Evernorth to spend any proceeds on XRP.
A conditional model using the company’s disclosed closing capitalization and stated 473 million XRP treasury suggests it would need to spend roughly 70% of gross exercise cash on XRP to preserve its modeled XRP per economic share at the October 22 price snapshot of $1.32. That is not a verified current per-share threshold: it assumes no later changes in holdings or ownership and depends on a current count of shares and outside subsidiary interests. Actual cash receipts and XRP purchases will determine the outcome.
