Evernorth Clears SEC Hurdle for XRP Treasury Listing

Evernorth Holdings has cleared another hurdle in its bid to become a publicly traded XRP treasury company, after the U.S. Securities and Exchange Commission (SEC) declared its merger registration statement effective.

The decision allows shareholders of Armada Acquisition Corp. II to vote on the proposed business combination on September 30, 2026. If approved, the combined company is expected to trade on Nasdaq under the ticker XRPN.

Evernorth's structure is different from a passive crypto fund, as it intends to run an actively managed digital asset treasury, deploying capital across areas including liquidity provision, decentralized finance, and XRP-related infrastructure.

The company has said it aims to launch with at least 473 million XRP, which would position it among the largest corporate holders of the asset. This comes during a difficult period for XRP's price, which has declined sharply since its July 2025 record near $3.65.