XRP Treasury Giant Evernorth Clears SEC Hurdle, Nasdaq Debut Moves Closer

Evernorth Holdings has moved a step closer to becoming a publicly traded XRP treasury company after the U.S. Securities and Exchange Commission declared its merger registration statement effective.

The decision allows shareholders of Armada Acquisition Corp. II to vote on the proposed business combination on Sept. 30, 2026. If the transaction is approved and the remaining closing conditions are satisfied, the combined company is expected to trade on Nasdaq under the ticker XRPN.

The regulatory milestone does not amount to an SEC endorsement of Evernorth, XRP or the transaction. It means the company’s Form S-4 registration has cleared the disclosure process needed for the shareholder vote to proceed. The amended transaction documents are available through the SEC filing.

Evernorth Builds Public-Market XRP Vehicle

Evernorth is structured differently from a passive crypto fund. Rather than simply holding XRP to mirror its market price, the company intends to run an actively managed digital asset treasury, deploying capital across areas including liquidity provision, decentralized finance and XRP-related infrastructure.

The company is backed by several prominent crypto investors and firms, including Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. Its broader plan to create regulated public-market exposure to XRP was outlined earlier this year as part of the proposed XRPN listing.