Evernorth’s SEC Registration Takes Effect, Opening Path to Nasdaq Listing as XRP Treasury Firm

Evernorth Holdings, a firm built around holding and managing XRP for institutional investors, said this week that US regulators have declared its Form S-4 registration statement effective.

That step removes a major filing hurdle and moves the company closer to a public listing on Nasdaq through a planned combination with special purpose acquisition company Armada Acquisition Corp. II.

The S-4 covers the securities that would be issued if the merger is completed. Once the deal closes and listing conditions are met, the combined company is expected to trade under the ticker XRPN.

Armada shareholders of record as of August 20 are scheduled to vote on the transaction at a special meeting on September 30.

Management has indicated the combination could close in late third quarter or early fourth quarter of 2026, provided shareholders approve it and other customary conditions are satisfied.Evernorth positions itself as a regulated treasury vehicle rather than a typical crypto fund.

The idea is to give public-market investors exposure to XRP through ordinary brokerage accounts, without requiring them to hold tokens directly or manage private keys.

The company has said it plans to actively manage its holdings with the goal of increasing XRP per share over time, using strategies that could include accumulating the asset, generating yield, and deploying capital into parts of the broader XRP economy.