Evernorth Nears Nasdaq Listing as Ripple-Backed XRP Treasury Company Prepares for Public Debut

Evernorth, a Ripple-backed XRP treasury company, is close to listing on Nasdaq under the ticker XRPN. The U.S. Securities and Exchange Commission (SEC) has cleared Evernorth's registration, paving the way for a shareholder vote on September 30. If approved, the transaction with Armada Acquisition Corp. II could close by late September or October.

The combined company will trade on Nasdaq under the ticker XRPN, subject to shareholder approval and completion of the transaction. Ripple is among Evernorth's investors, alongside Arrington Capital, Japan's SBI Group, Pantera Capital, Kraken, and GSR. The structure resembles the broader crypto treasury model, where companies hold a specific digital asset as a core treasury reserve.

Evernorth plans to invest in XRP infrastructure while managing its XRP holdings with the goal of increasing the amount of XRP represented by each share over time. This strategy could make XRPN more than a passive vehicle for XRP exposure, allowing investors to evaluate the company based on both the value of its XRP holdings and its ability to generate additional value through its broader treasury operations.