Evernorth's Path to Public Markets Could Fuel XRP Price Gains
Evernorth, the largest XRP digital asset treasury, is one step closer to becoming a publicly traded company. The U.S SEC has declared its Form S-4 registration statement effective on August 27th, paving the way for the proposed merger with Armada Acquisition Corp. II, a SPAC. This deal would allow public-market investors to gain exposure to Evernorth's XRP-focused treasury strategy without a traditional IPO.
The company plans to use its capital actively across the XRP ecosystem, which includes tokenized assets, on-chain credit markets, and blockchain-based settlement infrastructure. With this approach, Evernorth aims to accelerate XRP's role in institutional finance built on-chain.
Evernorth holds 473,276,430 XRP worth $672.37 million, making it the largest holder of XRP. The company plans to go public through the proposed merger and is currently expecting the deal to close in late Q3 or early Q4 of 2026.