Evernorth Files for Nasdaq Listing with $1 Billion XRP Treasury in Sights

Evernorth, a Ripple Labs-backed digital asset treasury company focused on XRP, has filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission (SEC). The move is part of its plan to go public through a merger with Armada Acquisition Corp. II in October 2025.

The filing covers the registration of securities to be issued in connection with that merger, which is expected to generate $1 billion in gross proceeds. Evernorth has already begun accumulating XRP, purchasing 473.27 million tokens at an average cost of $2.54 per token between October 20 and November 4, 2025.

The company's holdings have declined in value due to the broader crypto market downturn, with the current price of XRP standing at $1.47, a roughly 19% drop from the acquisition price.