Evernorth Clears SEC Hurdle for XRP Nasdaq Listing
Evernorth Holdings has cleared a significant hurdle in its bid to list on the Nasdaq stock exchange, with the Securities and Exchange Commission (SEC) declaring effective its registration statement. This move brings the XRP-focused firm one step closer to becoming the first public market option for institutional investors looking to gain exposure to XRP without directly investing in it.
Evernorth aims to invest in XRP infrastructure and employ treasury methods designed to increase XRP holdings on a per-share basis. The company's founder and CEO, Asheesh Birla, stated that the firm plans to 'enter public markets as blockchain utility continues to grow, and we believe institutional finance will increasingly be built on-chain.'
The deal is structured through Armada Acquisition Corp. II, a Cayman Islands special purpose acquisition company, and involves Pathfinder Digital Assets being folded into a Nevada-incorporated holding company.