According to CoinMeta, Wu said that according to the 8-K filing disclosed by the US SEC, XRP's treasury company Evernorth Holdings signed a bond purchase agreement on September 11 with NH Investment and Securities to issue convertible preferred notes with a total principal amount of $30 million to the investment trusts they represent. The bonds have an annual interest rate of 4% and will mature in 2031. Interest is paid in kind (PIK) and can be credited towards the bond principal. The funds raised are intended for general corporate purposes, including purchasing XRP and conducting XRP ecosystem-related businesses. This bond issuance is contingent upon the completion of a business merger between Evernorth and the special purpose acquisition company Armada Acquisition Corp.II. It is expected to be completed simultaneously with the merger transaction in the fourth quarter of 2026. The company previously stated that after the merger is completed, it plans to list on NASDAQ under the ticker XRPN.