Evernorth Clears SEC Hurdle for XRP Treasury Listing

XRP's price remains under pressure at $1.42 as institutional adoption gains momentum.

Evernorth, one of XRP's biggest backers, has cleared a major hurdle in its planned merger with Armada Acquisition Corp. II after the SEC declared its registration statement effective on August 27.

The company announced that Armada II shareholders will vote on the combination on September 30, putting the XRP treasury vehicle within sight of a Nasdaq listing pending the vote and other closing conditions.

CEO Asheesh Birla framed the move as a bet on-chain institutional finance, saying Evernorth is 'designed to accelerate XRP's role in that work.'