Evernorth's $1B XRP Merger Clears SEC Hurdle for Nasdaq Listing

Ripple's XRP has taken another step forward as Evernorth, a company that manages digital reserves, prepares to list on Nasdaq under the ticker XRPN.

The U.S. Securities and Exchange Commission (SEC) approved Evernorth's Form S-4 registration statement, removing the main legal obstacle to its merger with special purpose acquisition company Armada Acquisition Corp. II.

The transaction is expected to close in late Q3 or early Q4 2026, while Armada's final shareholder vote is scheduled for Sept. 30.

Evernorth plans to actively manage its XRP treasury, a departure from companies that passively accumulate Bitcoin on their balance sheets.

The strategy aims to generate yield within the ecosystem and use it to increase the number of tokens per company share, according to Asheesh Birla, Evernorth's founder and CEO.