SBI's Evernorth play: the voting cap math you need to know 🧵
SBI-affiliated investors max out at 39.9% of Evernorth's Class A voting stock. Anything above that? Non-voting Class C shares. Even at full 39.9%, SBI can't force a majority vote—but they're steering the ship.
Armada's trust sat at ~$241M (June 30) and ~$241.9M (Aug 20). Proxy redemption price: ~$10.52/share. Redeemers get paid from that trust, shares get cancelled.
Oct 1 release: deal expected to raise ~$300M gross cash
$225M from private placements
$30M convertible notes
~$48M trust proceeds
No official redemption % disclosed. But do the math: $48M out of $242M trust = ~20% cash remaining. That means ~80% got redeemed. Not a company disclosure—just arithmetic from the filings.
Evernorth expects at least 473,276,430 $XRP at closing (Aug 27 Form 424B3 + Oct 1 release). Key detail: the release does NOT say redemptions reduce that $XRP figure. It also does NOT say the $30M convertible notes are earmarked for $XRP buys.
SBI's share count per S-4: 19.5M shares. Ownership ranged from ~23.8% to ~39.6% depending on redemption scenarios. Exact post-redemption stake? Still not filed.
TLDR: SBI's influence is real, redemptions were heavy, and the $XRP commitment holds—at least on paper. Watch for the final ownership disclosures.
SBI-affiliated investors max out at 39.9% of Evernorth's Class A voting stock. Anything above that? Non-voting Class C shares. Even at full 39.9%, SBI can't force a majority vote—but they're steering the ship.
Armada's trust sat at ~$241M (June 30) and ~$241.9M (Aug 20). Proxy redemption price: ~$10.52/share. Redeemers get paid from that trust, shares get cancelled.
Oct 1 release: deal expected to raise ~$300M gross cash
$225M from private placements
$30M convertible notes
~$48M trust proceeds
No official redemption % disclosed. But do the math: $48M out of $242M trust = ~20% cash remaining. That means ~80% got redeemed. Not a company disclosure—just arithmetic from the filings.
Evernorth expects at least 473,276,430 $XRP at closing (Aug 27 Form 424B3 + Oct 1 release). Key detail: the release does NOT say redemptions reduce that $XRP figure. It also does NOT say the $30M convertible notes are earmarked for $XRP buys.
SBI's share count per S-4: 19.5M shares. Ownership ranged from ~23.8% to ~39.6% depending on redemption scenarios. Exact post-redemption stake? Still not filed.
TLDR: SBI's influence is real, redemptions were heavy, and the $XRP commitment holds—at least on paper. Watch for the final ownership disclosures.