Ripple-Backed Evernorth Files With SEC to List on Nasdaq as XRP Treasury
Digital asset treasury company Evernorth is backed by Ripple Labs and SBI Holdings. Its core strategy is to hold and deploy XRP, giving investors exposure to the cryptocurrency through regulated shares. On October 20, 2025, the company announced a merger with special-purpose acquisition company Armada Acquisition Corp. II and plans to list on Nasdaq under the ticker XRPN.
Evernorth filed an S-4 registration statement with the U.S. Securities and Exchange Commission on March 18, 2026. The transaction is expected to generate more than $1 billion in gross proceeds to expand its XRP treasury. As of December 31, 2025, the company and its affiliates held approximately 473.1 million XRP and had recognized a $233.7 million impairment because of a decline in the token’s price.
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The history behind this eventSEC Declares Evernorth S-4 Effective, Advancing Nasdaq Listing
Evernorth is a Ripple-backed digital asset treasury company designed to give public-market investors exposure to XRP while deploying capital into the token’s infrastructure and seeking to increase XRP holdings per share. The company announced its plan in October 2025 after raising more than $1 billion to acquire XRP. Its investors include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR, while founder and CEO Asheesh Birla previously led Ripple’s payments business.
The U.S. Securities and Exchange Commission declared Evernorth’s Form S-4 effective on Aug. 27, 2026, clearing the paperwork for its proposed merger with SPAC Armada Acquisition Corp. II without endorsing the transaction. Armada shareholders are scheduled to vote on Sept. 30. The filing covers as many as 34,499,992 Class A common shares and 11,499,992 warrants. Subject to approval and customary closing conditions, the deal is expected to close in late third quarter or early fourth quarter, with the combined company trading on Nasdaq under the ticker XRPN.
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