- Evernorth raised $30 million from NH Investment as a debt financing round
- The funds are earmarked for further XRP purchases
- The raise comes as a related deal involving Ripple is reportedly nearing completion
Evernorth, a company built around holding XRP as its primary treasury asset, raised $30 million from NH Investment in a debt financing round. The funds are earmarked for further XRP purchases, extending a strategy that mirrors the bitcoin treasury company model popularized over the past two years, applied instead to Ripple’s native token, which runs on the XRP Ledger.
Treasury companies built around a single crypto asset raise capital, typically through equity or debt offerings, specifically to accumulate that asset and hold it on their balance sheet, betting that the asset’s long-term price appreciation will outpace the cost of the capital raised to buy it. The model has produced mixed results across the sector this year, with several bitcoin-focused treasury companies seeing their stock premiums over the value of their holdings compress sharply as the initial novelty of the strategy wore off and more companies adopted it.
Evernorth’s XRP-focused version of the strategy arrives at a moment when XRP itself has drawn renewed institutional interest, partly tied to Ripple’s ongoing efforts to expand the XRP Ledger’s use in payments and settlement infrastructure. NH Investment, a South Korean financial firm, is a less frequent name in crypto treasury financing compared with the U.S.-based investors that have backed most bitcoin treasury companies, and its participation suggests interest in XRP-specific treasury exposure extends beyond the asset’s existing U.S. investor base.
The raise also comes as reports circulate of a separate, larger deal involving Ripple nearing completion, though details of that arrangement and its connection to Evernorth’s own fundraising have not been fully confirmed. Whether XRP treasury companies avoid the premium compression that has affected bitcoin-focused peers will likely depend on how XRP’s price performs independently of the broader treasury company trend, since the underlying economics of the model are the same regardless of which asset sits on the balance sheet.
XRP’s regulatory position has been unusually clear compared with many other major tokens, following a multi-year legal dispute between Ripple and the SEC over whether XRP sales constituted unregistered securities offerings. That resolution has made XRP a more comfortable asset for treasury-style strategies to build around than tokens whose regulatory status remains contested, since treasury companies raising capital from institutional debt investors like NH Investment typically need to give those investors confidence that the underlying asset will not face a sudden adverse regulatory action that could impair its value.
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