According to CryptoSlate, citing a regulatory filing disclosed by Evernorth on November 13, investors exercised 3,073,366 warrants between October 12 and November 9 at an exercise price of $11.50 per share. The company raised approximately $35.3 million in gross proceeds and issued an equivalent number of new Class A shares. The report noted that the company has not yet disclosed whether these funds will be used to purchase XRP; furthermore, the total amount raised does not equal the remaining available cash, and the newly issued shares will increase the denominator for the XRP-per-share metric.