Evernorth Clears SEC Hurdle, Paving Way for Largest Public XRP Treasury Vehicle

A major hurdle has been cleared in the path to making Evernorth Holdings the largest publicly traded XRP treasury vehicle. The SEC declared the company's Form S-4 registration statement effective on August 27, paving the way for its planned merger with Armada Acquisition Corp. II and subsequent listing under the ticker XRPN.

The deal is expected to generate over $1 billion in gross proceeds, with investors including SBI Group, Ripple, Pantera Capital, Kraken, and GSR participating. The business combination will be put to a vote by Armada shareholders on September 30, with the deal anticipated to close by late Q3 or early Q4 of 2026.

Evernorth's CEO Asheesh Birla has emphasized that the company plans to actively manage its XRP holdings through strategies like lending and liquidity provisioning. The Nasdaq listing will provide institutional investors a regulated vehicle for gaining exposure to XRP without needing direct access to digital assets.