Evernorth Clears SEC Hurdle for Nasdaq Listing and XRP Treasury Launch

The US Securities and Exchange Commission (SEC) has approved Evernorth Holdings' registration statement on Form S-4, paving the way for its proposed merger with Armada Acquisition Corp II to list on Nasdaq. This development brings Ripple-backed Evernorth one step closer to launching its XRP treasury.

Evernorth's CEO Asheesh Birla stated that this milestone marks an important step towards completing the proposed business combination. He added that the company is now 'one step closer to delivering on our vision' of building an actively managed XRP treasury.

The merged entity, which will trade under the ticker 'XRPN', aims to participate in the XRP ecosystem by allocating capital to XRP-based infrastructure and deploying strategies to grow XRP per share over time. This includes work in tokenization, XRP Ledger, and providing liquidity to assets such as RLUSD.

Armada Acquisition Corp II shareholders will vote on the proposed merger on September 30, 2026. The combined company's XRPN stock price has seen a surge of almost 3.50% year-to-date, while XRP price jumped more than 3% to $1.46 amid the treasury news.