We advised Evernorth on the transaction

Davis Polk advised Evernorth Holdings Inc. in connection with its common stock purchase agreement with CF Principal Investments LLC, an affiliate of Cantor Fitzgerald. Pursuant to the agreement, Evernorth has the right, but not the obligation, to sell to Cantor Fitzgerald up to 5,218,935 shares of its Class A common stock over a 14-month term, subject to certain volume limitations and other conditions.

Evernorth is an institutional pure-play digital asset treasury company for investment into XRP through public equity markets. Since its inception, Evernorth has been steadfast in building the foundation for its public-market strategy. Evernorth holds approximately 473 million XRP and has secured capital from a global group of institutional and digital asset investors.

The Davis Polk corporate team included partner Derek Dostal, counsel Meaghan Kennedy and associates Alexandre Diniz and Federico Pollevick. Partner William A. Curran and associates Seth Cole and Yueyu Yang provided tax advice. Partner Travis Triano and associate Josh (Joshua) Ehrhart provided executive compensation advice. Members of the Davis Polk team are based in the New York and São Paulo offices.

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