Evernorth Clears SEC Hurdle, Sets Nasdaq Listing Vote for September 30

Evernorth Holdings, an XRP-focused treasury company, has cleared a major regulatory hurdle after the SEC declared its Form S-4 registration statement effective. This move brings the firm one step closer to completing its merger with Armada Acquisition Corp. II and listing on the Nasdaq under the ticker symbol XRPN.

The combined entity is expected to trade as an actively managed XRP treasury company, positioning itself as a public market vehicle for institutional investors seeking XRP exposure without holding the token directly. Evernorth plans to invest in XRP infrastructure and deploy treasury strategies aimed at increasing XRP holdings on a per-share basis.

Evernorth founder and CEO Asheesh Birla framed the move as a bet on on-chain institutional finance, with the company designed to accelerate XRP's role in that work. The firm's investor roster includes Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital.