XRP Treasury Company Evernorth Holdings has filed to register nearly 11.5 million new shares that could help the company raise new capital as it expands its XRP treasury. But the registration does not confirm that it has issued new shares or purchased more XRP. 

Perhaps the new funds could support its next buying move as XRP holds near $1.30 and analysts watch for a recovery toward $2.

Evernorth Registers 11.5M Shares at $11.50

According to the filing, Evernorth registered 11,499,992 Class A common shares that holders can receive when they exercise public warrants under the ticker XRPNW. Each warrant carries an exercise price of $11.50 per share.

Evernorth registered over 11.4M Class A shares tied to warrants at $11.50 — shares sitting at $15.45 means those warrants are in the money. They've also announced plans to buy more $XRP with the new shares. Institutions are not slowing down.https://t.co/0Fb66CIUHT

— Ripple Bull Winkle (@RipBullWinkle) October 20, 2026

On 16 October, XRPN shares were trading at $15.45, while the warrants were priced at $4.16. Since the stock price is above the exercise price, the warrants are considered in the money, potentially giving holders an incentive to exercise them.

If all registered warrants are exercised for cash at $11.50, Evernorth could receive approximately $132.25 million in gross proceeds. However, the actual amount will depend on how many warrant holders exercise their contracts.

Fresh Capital Could Support More XRP Buying

Evernorth has also stated that it plans to sell more shares to help fund additional XRP purchases. If the company receives cash from warrant exercises and decides to use those funds for XRP, the capital could support its treasury expansion.

Based on the filing, $132.25 million could fund the purchase of around 85 million to 95 million XRP, depending on market prices. 

However, the filing does not confirm that the funds will be used to buy XRP, and it does not announce any new purchases.

Share Dilution Remains a Risk

The filing could also affect existing shareholders if warrant holders exercise their contracts and receive new shares. An increase in the total number of outstanding shares would reduce each existing shareholder’s percentage ownership of the company.

XRP Bottom In? $1.25 Support Sparks Hopes of a Rally to $2

Popular crypto analyst Ali Martinez noted that XRP may have already reached its bottom. As XRP traded near $1.30, transaction volume on the XRP Ledger surged, with the total value of coins transferred reaching $49.70 billion.

XRP: THE BOTTOM IS IN

Transaction volume on the $XRP Ledger exploded last night as prices hovered around the $1.25 support.

The total dollar value of coins transferred on-chain skyrocketed to $49.70 billion, coinciding with the rebound that is now taking place.

This surge in… https://t.co/vTEFhtC5ss pic.twitter.com/fQTEvKsTKk

— Ali Charts (@alicharts) October 19, 2026

The spike in activity came as XRP began to rebound, suggesting strong activity around this key price level. 

If $1.25 continues to hold as support, XRP could recover further, with a potential rally toward $2