XRP moved within reach of $1.40 on October 21 as Ripple-backed Evernorth Holdings advanced the warrant registration that could channel as much as $132.25 million into the company before expenses. The U.S. Securities and Exchange Commission (SEC) declared the registration effective on October 19, covering nearly 11.5 million shares that could generate the proceeds through warrant exercises.

The milestone coincided with a rise in leveraged long positioning on Bitfinex during the token's recovery. The filing itself, however, does not confirm any new XRP purchases or establish that Evernorth has actually received funds.

Warrant Registration Clears SEC Review

Evernorth's prospectus, dated October 19, covers 11,499,992 Class A common shares under the Nasdaq ticker XRPN. Each public warrant entitles its holder to purchase one share at an exercise price of $11.50. Should holders exercise every warrant for cash, the company would collect approximately $132.25 million before expenses.

The document does not announce a new public share sale, nor does it confirm that Evernorth has received the full amount. Cash reaches the company only when warrant holders exercise their rights, and Evernorth will receive no money from subsequent sales of those shares between investors.

The SEC's declaration of effectiveness permits the registration to proceed. Such declarations are routine procedural milestones in U.S. markets, and they keep a financing channel open rather than guaranteeing funds — the $132.25 million functions as a ceiling, not a commitment. According to the prospectus, management may direct any net proceeds toward general corporate purposes rather than committing a fixed sum to XRP purchases.

Evernorth Builds XRP Treasury After Nasdaq Listing

Evernorth completed its merger with Armada Acquisition Corp. II on October 9, and its shares began trading under XRPN on October 12, giving public-market investors access to a company whose core business centers on holding and managing XRP. Listed vehicles that raise equity to accumulate a single digital asset have become an established structure in crypto markets, following a playbook popularized by bitcoin treasury firms. The firm reported nearly 473 million XRP in its treasury at the merger's close.

Financing participants included Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR Chief Executive Asheesh Birla previously worked at Ripple. The company plans to increase its XRP holdings through capital raising and active treasury management.

Evernorth tracks its position with an XRP-per-share measure that compares holdings against the outstanding share count. Because additional stock issuance enlarges the number of shares in circulation, treasury growth alone does not guarantee a higher ratio. Management also plans to use institutional partners for XRP yield strategies and expects deployments during the fourth quarter. Whether warrant proceeds ultimately reach the XRP treasury will become clear only through the company's subsequent disclosures.

Bitfinex Long Exposure Climbs During Recovery

Bitfinex XRP long positions reached 5.088 million tokens on October 20, their highest level in three weeks. Their value exceeded $6.7 million while XRP traded near $1.33. Open long exposure later eased to approximately 5.068 million XRP but remained above the five-million threshold.

The build-up followed a stretch of declines that began after September 22, when Bitfinex longs stood at 7.539 million XRP. XRP fell 4.52% on September 23, and long exposure contracted by 1.241 million tokens over the following day. The latest increase began on October 13.

Broader derivatives figures showed $1.20 billion in XRP longs against $1.15 billion in shorts, giving longs 51.02% of leveraged exposure, according to CoinGlass figures cited on October 21. Exchange-level positioning remained mixed across different trader groups, and data from any single venue offers only a partial window into leveraged sentiment market-wide.

Market Snapshot

XRP traded around $1.35 after gaining more than 5% over 24 hours. The token reached a daily high near $1.37, while reported trading volume rose more than 30% to $2.27 billion.

This article is for informational purposes only and does not constitute financial advice. XRP and cryptocurrency-linked equities carry substantial volatility and the potential for capital losses. Readers should conduct independent research before making investment decisions.

Based on reporting originally published by The Market Periodical.