Evernorth Moves Closer to Nasdaq With XRP Treasury Plan

• Evernorth files amended S-4, moving closer to Nasdaq listing via merger with Armada Acquisition Corp II.
• Board adds Ripple's Stuart Alderoty, enhancing expertise in crypto regulation and institutional XRP adoption.
• XRP treasury strategy backed by SBI, Pantera, Kraken, and Ripple, focusing on ecosystem exposure over price.

Evernorth Holdings moved forward with its public listing plan on April 7 by filing an amended Form S-4 with the SEC. The filing advances its merger with Armada Acquisition Corp II and includes a board nomination for Stuart Alderoty. The deal aims to establish the largest public XRP treasury under the ticker “XRPN.”

Merger Filing Advances Public Listing Plan

According to the filing, Evernorth is progressing toward a business combination with Armada Acquisition Corp II. The SPAC is sponsored by Arrington Capital. The company has raised more than $1 billion in gross proceeds tied to the transaction.

Notably, Evernorth plans to list on Nasdaq following regulatory approval. However, the SEC must still review and comment on the registration statement. Additionally, Armada shareholders must approve the proposed merger.

The filing also references updates tied to Pathfinder Digital Assets LLC agreements. It includes consent from Deloitte & Touche and Brownstein Hyatt Farber Schreck as share issuance counsel.

Board Nomination Adds Regulatory Expertise

As part of the amendment, Evernorth nominated Stuart Alderoty to its board of directors. Alderoty serves as chief legal officer at Ripple. The company also named Ted Janus as a director.

According to the filing, Alderoty’s role brings experience in crypto regulation and policy. This addition aligns with Evernorth’s focus on institutional-scale XRP adoption. The nomination comes as the company prepares for broader market entry.

XRP Treasury Strategy Backed by Investors

Evernorth’s investor base includes SBI Holdings, Pantera Capital, and Kraken. Ripple has contributed 126,791,458 XRP to the treasury.

Meanwhile, CEO Asheesh Birla, a former Ripple executive, outlined the company’s strategy. He stated the firm focuses on broader XRP ecosystem exposure rather than price tracking alone.

The update follows recent regulatory developments in the United States. Authorities, including the SEC and CFTC, have classified XRP as a non-security digital commodity.

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