Evernorth Clears SEC Hurdle for XRP Treasury Listing

The SEC has cleared Evernorth Holdings' Form S-4 registration, bringing the Ripple-backed firm closer to listing on Nasdaq. The decision allows Armada Acquisition Corp. II shareholders to vote on the proposed business combination.

Evernorth plans to launch with a 473 million XRP treasury, which would be the largest publicly traded XRP treasury vehicle if the merger is completed. This move could generate over $1 billion in gross proceeds for major backers like Ripple and SBI Group.

Evernorth CEO Asheesh Birla called the SEC clearance an 'important milestone' toward completing the deal, which includes actively using its XRP through lending and liquidity support.