Evernorth could receive roughly $135 million from outstanding warrants, or nothing, depending on how they are exercised. In a new crypto research, a popular analyst examining the XRP treasury company’s financing argues that this distinction matters more than its stock’s reported one-day collapse of roughly 50%.
The company holds about 473 million XRP, according to Fire Hustle. Its ability to expand that position depends partly on its share price, financing terms and whether investors decide to sell newly tradable stock.
The $18 trigger does not guarantee fresh buying
Fire Hustle identifies approximately 11.7 million warrants, each carrying an $11.50 exercise price. Full exercise for cash would bring Evernorth roughly $135 million, potentially funding additional XRP purchases.
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A sustained share price of at least $18 – on 20 trading days within a 30-trading-day period – would allow the company to call the warrants, subject to the terms described in the video. Holders would then face a deadline to exercise before the warrants were redeemed for a nominal amount.
But management could require cashless exercise instead. That would produce fewer new shares while bringing in no exercise proceeds. “The option that Evernorth picks,” Fire Hustle says, determines whether this financing route delivers fresh purchasing power for XRP.
The distinction is important: a rising stock price alone would not guarantee another large XRP purchase.
Resale registration creates a separate pressure point
According to the YouTube video, cash investors including SBI Holdings could sell more than 13 million shares once the relevant resale registration becomes effective.
Fire Hustle says those investors did not sign the six-month lockups covering Ripple, a Larsen family trust and Arrington’s fund.
That potential supply is substantial beside the fewer than five million shares the analyst says remained publicly held after heavy redemptions by the blank-check company’s investors.
Still, eligibility to sell is not evidence of an imminent exit. The analyst estimates SBI paid in the mid-to-high teens per share and notes its longstanding relationship with Ripple, suggesting less incentive to sell near its entry price.
A premium to those assets can support further purchases; a discount can undermine that strategy and make buybacks more attractive.
Fire Hustle raises XRP sales as a possible consequence, not an announced company plan. Investors therefore have two distinct developments to watch: when restricted shares become tradable, and whether warrant exercises actually put cash into Evernorth.
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