Evernorth Edges Closer to Nasdaq Debut with SEC Milestone
Evernorth, an XRP treasury giant, is one step closer to listing on the Nasdaq after the SEC declared its registration statement effective. The company's merger with Armada Acquisition Corp. II, a special purpose acquisition company sponsored by Arrington Capital, will now proceed to shareholder vote.
The deal, which would bring Evernorth into public markets as blockchain utility grows, is expected to be completed once shareholders approve the proposed business combination on September 30, 2026.
Evernorth CEO Asheesh Birla said that the company plans to enter public markets as institutional finance increasingly moves online. 'Evernorth is designed to accelerate XRP's role in that work,' he noted.
The registration statement follows a process that started publicly in March, when Evernorth filed its Form S-4 in connection with the planned combination with Armada II. The company raised over $1 billion in gross proceeds from institutional and strategic investors, including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
Evernorth is expected to become publicly traded on Nasdaq under the ticker XRPN, subject to exchange approval.