TLDR Evernorth moved closer to a Nasdaq listing after the SEC declared its S-4 registration statement effective. The company plans to go public through a merger with Armada Acquisition Corp.
Evernorth moved closer to a Nasdaq listing after the U.S. Securities and Exchange Commission declared its S-4 registration statement effective. The decision allows the XRP-focused company to continue its planned merger with Armada Acquisition Corp. II.
The company wants to offer public market investors regulated exposure to XRP without requiring direct token ownership. Evernorth also plans to invest in XRP infrastructure and use treasury strategies aimed at increasing XRP held per share.
Evernorth announced the SEC action on August 27, 2026. The filing relates to its proposed business combination with Armada Acquisition Corp. II, a Cayman Islands special purpose acquisition company.
The deal, signed on October 19, 2025, also names Ripple Labs as a party. If shareholders approve the transaction, the combined company expects to list on Nasdaq under the ticker XRPN.
SEC filings cover up to 34,499,992 Class A shares and warrants for up to 11,499,992 additional shares. Evernorth expects the merger to close in late third quarter or early fourth quarter, subject to shareholder approval.
Evernorth operates as a digital asset treasury company focused on XRP. Its model gives institutional and public market investors another route to gain XRP exposure through a listed company.
Founder and CEO Asheesh Birla said Evernorth plans to enter public markets as blockchain use expands. He added that the company aims to support XRP’s role in on-chain finance.
Evernorth’s backers include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. XRP traded near $1.46 late on August 27, with a market value of about $91.6 billion.
The Evernorth listing plan comes as digital asset treasury companies face weaker market conditions. Galaxy reported that market-to-net-asset-value premiums had compressed, while some firms sold crypto assets to fund buybacks or repay debt.
ETHZilla sold about $40 million in ETH to finance share repurchases. French firm Sequans also sold part of its Bitcoin holdings to reduce debt.
Evernorth has faced similar pressure. A November 2025 report said the company held about $78 million in unrealized losses on its XRP position after building the treasury.
The SEC action clears a registration and disclosure step for Evernorth. It does not represent approval of XRP, the company, or the broader digital asset treasury model.
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