Evernorth's public warrant registration, which became effective on October 19, creates a potential $132 million funding route for the XRP treasury company. Whether this capital increases XRP per share depends on how much additional XRP is acquired relative to new shares issued. A conditional model suggests that approximately 70% of the gross exercise cash, based on an October 22 XRP price snapshot of $1.32, would be needed to maintain the current XRP per share ratio. The company's management expects any net proceeds to support general corporate purposes, with no mandatory XRP allocation specified in the filing.