Evernorth’s $132 million funding option could buy more XRP while reducing XRP per share

Evernorth’s newly effective public-warrant registration creates a potential $132 million funding route for the XRP treasury company. Whether that money increases XRP per share depends on how much additional XRP accompanies each new economic share. Issuing shares expands the ownership base, so XRP holdings must grow faster than that base for the ratio to improve. A conditional model using its disclosed closing capitalization and 473 million-token treasury puts the break-even allocation at roughly 70% of gross exercise cash at the October 22 XRP price snapshot of $1.32.