Evernorth takes step towards Nasdaq listing as XRP treasury

Evernorth Holdings has moved a step closer to a Nasdaq listing. The US securities regulator, the SEC, has approved the company’s registration statement (Form S-4), which relates to a planned merger with Armada Acquisition Corp. II. On 30 September, Armada shareholders will vote on the transaction. If the vote is positive and the merger is completed, the combined company intends to trade on Nasdaq under the ticker XRPN.

XRP is available at OKX and Bybit.

In short:

• The SEC has approved Evernorth’s registration statement, a required step towards the planned Nasdaq listing.
• Shareholders of Armada Acquisition Corp. II vote on the merger on 30 September.
• Evernorth wants to go public as an actively managed XRP treasury and has already raised more than $1 billion in committed capital from investors.

SEC approves registration

Evernorth describes itself as a digital treasury offering institutional access to the XRP economy. Unlike first-generation crypto companies that simply bought and held tokens, Evernorth aims to actively manage its XRP portfolio. The company is targeting infrastructure for institutional finance on the blockchain, such as tokenised assets, credit markets and settlement networks.

Asheesh Birla, founder and director of Evernorth, says the approval of the registration statement is an important step towards the listing. According to Birla, the planned listing offers investors a regulated and transparent way to gain exposure to the XRP ecosystem. He expects institutional finance to be increasingly built on the blockchain and wants Evernorth to play a role in that.

More than $1 billion committed by investors

According to Evernorth’s press release, the company has already raised more than $1 billion in gross proceeds and committed capital. Investors include well-known names such as Ripple, SBI Group, Pantera Capital, Kraken, Arrington Capital and GSR.

The merger between Evernorth and Armada is expected to be completed in the third or early fourth quarter of 2026, provided shareholders approve and customary conditions are met. XRP is trading at $1.42 at the time of writing, down 0.4% over the past 24 hours. Blockchain Stories previously reported on the heaviest selling pressure on XRP in the 2026 derivatives market.

Armada as a springboard to the stock exchange

Armada Acquisition Corp. II is a so-called SPAC, a special purpose acquisition company without operational activities, which serves as a vehicle to bring Evernorth to the stock exchange through a merger. Armada is backed by the Arrington XRP Capital Fund and is already listed on Nasdaq.

The shareholder meeting on 30 September is one of the final formal steps before the listing under the ticker XRPN can become a reality. Following a positive vote, the merger is expected to be completed shortly thereafter.