XRP Treasury Firm Clears SEC Hurdle

Evernorth Holdings has cleared one of the most significant regulatory hurdles on its path to becoming a publicly traded XRP treasury company. The SEC declared the company's Form S-4 registration statement effective on August 27, opening the door for its planned merger with Armada Acquisition Corp. II and a subsequent Nasdaq listing under the ticker XRPN.

The Deal and What It Means

The company announced plans to go public in October 2025 through a merger with special purpose acquisition company Armada Acquisition Corp. II.The $1 billion SPAC merger is backed by Ripple, SBI Holdings, Pantera Capital, and Kraken.Evernorth expects the merger to generate $1 billion in gross proceeds, the majority of which are earmarked for building an XRP treasury, with a smaller allocation set aside for operating and deal expenses.

If the deal closes as planned, Evernorth would become the largest publicly traded XRP treasury vehicle, holding at least 473 million XRP at launch.Ripple Labs is contributing 126.79 million XRP to the deal, with institutional investors adding cash and XRP commitments.

Next Steps Before Listing

Armada Acquisition Corp. II shareholders are set to vote on the transaction at a special meeting on September 30, 2026. If approved and the transaction closes, the combined company is expected to list on Nasdaq under the ticker XRPN.

That vote is one of the last key milestones before Evernorth's debut as a public company on Nasdaq, where the combined company is expected to trade under the ticker XRPN, subject to the completion of the business combination and satisfaction of customary listing conditions. The company's stated aim is to deploy capital across the XRP economy through strategies designed to grow XRP per share over time.

Sources:Evernorth official press release via PR NewswireCrypto Briefing: Evernorth clears SEC hurdle on path to NasdaqCoinMarketCap: XRP Treasury Evernorth Files SEC Form S-4