Evernorth Clears SEC Hurdle in Bid to List as Nasdaq's Largest XRP Treasury

Evernorth Holdings, an XRP treasury company, has cleared a major hurdle on its path to listing on the Nasdaq. The Securities and Exchange Commission declared effective Evernoth's Form S-4 registration statement, allowing it to merge with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company (SPAC), and go public if shareholders approve the deal during a vote set for September 30.

The combined firm is expected to debut on the Nasdaq under the ticker 'XRPN' and would become the world's largest publicly traded XRP treasury company. Evernorth's founder and CEO, Asheesh Birla, stated that this marks an important milestone toward completing their proposed business combination.

Evernorth belongs to a category of companies known as digital asset treasuries (DAT), which hold cryptocurrencies on their balance sheet and raise fresh capital to buy more of them. The firm initially announced its plans in October with over $1 billion raised to buy XRP, and its S-4 filed in March disclosed a target of launching with at least 473 million XRP tokens.

However, the firm's own purchases haven't fared as well, with Evernorth spending roughly $947 million buying XRP in late October but sitting on a stash worth about $446 million less than it paid by February. This gap could matter for how XRPN trades once it lists, as DAT stocks lean on holding a premium to the value of their underlying crypto to keep raising cheap capital and buying more.

Armada shareholders now have until September 28 to decide whether to redeem or ride that structure into a Nasdaq listing. The deal is targeted to close in late Q3 or early Q4 of this year, pending shareholder approval.