XRP Treasury Firm Evernorth Reprices Nasdaq Deal From $2.36

XRP News

Evernorth, a digital asset treasury company focused on XRP (XRP), has filed an amended registration statement with the U.S. Securities and Exchange Commission to reprice the share issuance tied to its planned Nasdaq listing. The company is seeking to complete a business combination with Armada Acquisition Corp. II, a special purpose acquisition vehicle, and the revised terms would replace the original XRP reference price of $2.36 with the volume-weighted average price at closing. According to the filing, if XRP remains below the earlier benchmark, Evernorth would issue fewer shares against its unchanged XRP reserve, raising the amount of XRP represented by each share. Investors representing more than 95% of committed capital have agreed to the change, which also preserves a $10 fixed share price for the transaction. The company expects closing in the second half of the third quarter or the first half of the fourth quarter of 2026, subject to regulatory review and customary conditions. Founder and Chief Executive Officer Ashish Birla framed the amendment as a measure to keep investor interests aligned while continuing Evernorth’s long-term plan to build institutional access to the XRP ecosystem. The filing also confirms that Evernorth’s strategy and asset base have not changed. Its backers include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR. The company last reported XRP purchases in November 2025, when its holdings reached roughly 470 million XRP, including more than 126 million XRP contributed strategically by Ripple at the time the combination agreement was signed. By tying dilution to the market price at closing rather than a stale benchmark, the structure attempts to make the listed vehicle more attractive to public-market investors while preserving per-share exposure to the altcoin. The amendment also seeks to align the company’s capitalization with the current trading environment, where XRP is far below the $2.36 valuation used when the merger was first announced, and it improves clarity for prospective Nasdaq investors.

Separate market data dated Aug. 14 shows XRP remains under pressure after the Digital Asset Market Clarity Act missed the Senate’s August recess voting window, leaving a procedural vote scheduled for Sept. 15. The legislation would classify XRP as a federal commodity, and its delay has removed the token’s most closely watched near-term catalyst. With spot volume described as light, daily turnover fell to $885 million from $905 million the prior day, while the intraday range narrowed, suggesting buyers were not yet willing to defend the $1 level aggressively. The token was quoted at about $1.00 on Aug. 14, down 0.9% over 24 hours and 9.4% over one month, making it one of the weakest large-cap altcoin names during the period. Over the prior week, XRP declined 3.9% while Bitcoin gained 1% and Ethereum gained 0.5%, indicating that the sell-off was specific to XRP rather than a broad market correction. The data also showed that the asset’s market capitalization had contracted enough to temporarily unsettle its ranking among the largest digital assets. In that environment, some holders have begun looking at yield-oriented alternatives, including UE Crypto’s cloud-mining platform, which the data said has attracted attention as a hedge against volatility. UE Crypto is described as operating from the United Kingdom within European frameworks such as MiCA and MiFID II, with PwC audits and Lloyd’s of London custody insurance mentioned in its materials. The assessment cautioned, however, that leverage built since August could accelerate any move below $1 if long positions are forced to liquidate, a risk that keeps the market defensive until the September legislative window. This defensive tone reflects a bear market rotation away from single-asset exposure, especially as traders wait for a definitive regulatory outcome rather than adding directional risk ahead of the vote. Traders are watching the September-to-October window for a definitive outcome on the legislation, which could polarize sentiment.

COINOTAG’s proprietary 42-indicator composite S/R scoring engine rates XRP’s nearby support at $0.9951 as 93/100, driven by confluence from the Keltner Lower band and Fibonacci 0.000 level. The first major resistance at $1.0405 scores 67/100, backed by the Flip S→R and EMA 20. Derivatives data aggregated by COINOTAG shows a mildly positive 0.0060% perpetual funding rate, $743 million open interest and a 3.57 long/short account ratio, meaning crowded long positioning could amplify weakness if support fails. With the Fear and Greed Index at 29/100 and MACD bearish, the base case is a downtrend for the altcoin unless XRP reclaims $1.0405. A decisive close below $0.9951 would invalidate the near-term stabilization thesis.