Evernorth Raises $30M Convertible Note Ahead of Nasdaq SPAC Listing

The convertible note's contingency on the SPAC merger closing makes this a bet on deal execution as much as on XRP. NH Investment & Securities' participation signals that at least one regulated Asian securities firm sees a path to a listed XRP treasury vehicle, even as such structures remain untested in the U.S. equity market. What matters next is whether the merger clears and whether the treasury model attracts follow-on capital once the shares trade.