XRP Treasury Firm Evernorth Eyes Nasdaq After SEC Filing

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Evernorth said its $1 billion proceeds will support building what it expects to be Nasdaq's largest publicly traded XRP treasury firm.

Nevada-based Evernorth has formally submitted a Form S-4 registration statement to the US Securities and Exchange Commission tied to its planned merger with Armada Acquisition Corp. II.

The latest move advances a deal that would take the XRP-focused treasury firm public on Nasdaq.

Evernorth’s SPAC Deal

The filing introduces Evernorth as a regulated corporate vehicle structured to give public market investors exposure to XRP through an actively managed treasury strategy. The disclosure provides the first look at the firm’s operational blueprint, including how it intends to allocate, manage, and report its XRP holdings within a public company framework.

The company said it has secured more than $1 billion in gross proceeds from a group of institutional backers, among them Ripple Labs, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital, the sponsor behind Armada II. The proceeds will be used to support the creation of what it expects to be the largest public XRP treasury company on Nasdaq. The registration statement, which includes a preliminary proxy statement and prospectus, remains under SEC review and has not yet been declared effective.

Completion of the transaction is subject to approval by Armada II shareholders and other standard closing requirements. Upon closing, the combined entity is expected to trade on the Nasdaq Stock Market under the ticker “XPRN,” pending exchange approval.

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