Evernorth Holdings has received approval from the U.S. Securities and Exchange Commission for its proposed merger with Armada Acquisition Corp II and subsequent listing on Nasdaq. The approval marks a significant step toward launching the Ripple-backed firm's planned XRP treasury.
SEC Approval and Shareholder Vote
The SEC declared effective Evernorth's registration statement on Form S-4 relating to the proposed business combination with Armada. Armada Acquisition Corp II shareholders will vote on the merger proposal on September 30, 2026.
If approved, the combined company will trade under the ticker XRPN on Nasdaq. According to Evernorth CEO Asheesh Birla, the company is "one step closer to delivering on our vision" of building an actively managed XRP treasury.
Treasury Strategy and Investors
The XRP treasury will allocate capital to XRP-based infrastructure and deploy strategies to grow XRP per share over time. Evernorth plans to focus on areas including tokenization, XRP Ledger development, and providing liquidity to assets including RLUSD.
Investors backing the venture include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR, among others.
Market Response
XRPN stock closed at $10.55 on Thursday following the SEC approval announcement and is up approximately 3.50% year-to-date. XRP, the underlying cryptocurrency, rose more than 3% to $1.46 following the treasury announcement. XRP ETFs recorded $18.47 million in inflows on Thursday, bringing total inflows to $1.64 billion.
