Evernorth, a company designed to hold and manage XRP as a corporate treasury asset, has cleared a major regulatory milestone toward its Nasdaq listing. The US Securities and Exchange Commission declared the company's registration statement effective on August 27, according to an announcement from the firm.
The SEC approval advances Evernorth's proposed merger with Armada Acquisition Corp. II, a special purpose acquisition company sponsored by Arrington Capital. However, the transaction still requires shareholder approval before it can close. Armada shareholders are scheduled to vote on the business combination on September 30, 2026.
If approved, the combined company is expected to trade on Nasdaq under the ticker XRPN, subject to exchange approval. The structure differs from a traditional cryptocurrency fund, offering investors exposure to XRP through corporate equity ownership rather than direct token holdings.
Evernorth CEO Asheesh Birla said in the announcement that the company plans to enter public markets as blockchain utility expands, noting that institutional finance is increasingly expected to be built on-chain. "Evernorth is designed to accelerate XRP's role in that work," he stated.
The company raised more than $1 billion in gross proceeds from institutional and strategic investors, including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. Evernorth has indicated it intends to become Nasdaq's largest publicly traded XRP treasury company.
The registration statement became effective following a process that began in March when Evernorth filed its Form S-4 in connection with the Armada combination. The SEC review stage is now complete, though the shareholder vote and other customary conditions remain prerequisites for the merger to close.
