XRP treasury Evernorth pushes for Nasdaq debut as SEC clears registration for Armada merger

XRP treasury firm Evernorth Holdings has moved a step closer to becoming a publicly traded company after the US Securities and Exchange Commission (SEC) declared a registration statement tied to its proposed business combination with Armada Acquisition Corp. II effective.

The approval allows Armada to move forward with a shareholder vote on the proposed merger. If completed, the combined company is expected to list on the Nasdaq under the ticker symbol XRPN.

Evernorth founder and CEO Asheesh Birla said the milestone moves the company closer to completing its proposed business combination.

Evernorth outlines XRP treasury strategy

Evernorth plans to hold and actively manage an XRP treasury while allocating capital to XRP-based infrastructure.

Birla said Evernorth is building an actively managed XRP treasury with the transparency and governance public markets demand.

Unlike digital asset treasury companies that primarily buy and hold crypto tokens, Evernorth stated that its model will involve actively managing its XRP holdings and deploying capital across the broader XRP economy.

The company said it aims to provide public-market investors with a regulated, transparent vehicle to gain exposure to the XRP ecosystem while participating in infrastructure and treasury activities.

"We plan to enter public markets as blockchain utility continues to grow, and we believe institutional finance will increasingly be built on-chain," Birla stated.

The company said tokenized assets, on-chain credit markets, and blockchain-based settlement systems will require capital as institutional adoption of blockchain technology expands. Evernorth intends to deploy capital into this infrastructure while operating under the reporting, governance and disclosure requirements expected of a Nasdaq-listed company.

The SEC's declaration of effectiveness allows Armada to convene a special meeting of shareholders to vote on the transaction.

The shareholder vote is one of the final major steps before Evernorth can complete its planned public-market debut. If shareholders approve the transaction, the business combination is expected to close shortly afterward, subject to customary closing conditions and satisfaction of NASDAQ listing requirements.

Evernorth and Armada previously stated they expected the transaction to close in late September or early in the fourth quarter of 2026.

Evernorth earlier claimed that it secured more than $1 billion in gross proceeds and committed capital from investors, including Ripple, SBI Group, Pantera Capital and Kraken. Other investors the company listed include Arrington Capital and GSR.

Evernorth holds 473.2 million XRP, worth roughly $653.4 million at the time of writing, according to CoinGecko data.