XRP Treasury Giant Evernorth Moves Closer to Nasdaq Debut After SEC Milestone

The company's public-market strategy centers on holding and actively managing XRP as a corporate treasury asset.

Evernorth said on August 27 that the US Securities and Exchange Commission (SEC) had declared its registration statement effective, moving its proposed merger with Armada Acquisition Corp. II closer to completion.

The development puts the XRP treasury company one step closer to a Nasdaq listing, although shareholders still need to approve the deal before it can close.

Evernorth Moves Closer to Nasdaq

The company announced that Armada Acquisition Corp. II shareholders will vote on the proposed business combination on September 30, 2026. Closing remains subject to that vote and other customary conditions.

Evernorth CEO Asheesh Birla said the company plans to enter public markets as blockchain utility grows, adding that it expects institutional finance to increasingly be built on-chain. “Evernorth is designed to accelerate XRP’s role in that work,” he noted in the announcement.

The effective registration statement follows a process that started publicly in March when Evernorth filed its Form S-4 in connection with its planned combination with Armada II, a special purpose acquisition company sponsored by Arrington Capital.