Ripple-Backed Evernorth One Vote Away From Nasdaq Listing Under XRPN Ticker
Ripple-backed Evernorth Holdings is one vote away from listing on the Nasdaq under the ticker XRPN. The company's business model revolves around holding and growing XRP, with a strategy that differs from those that simply buy and hold a single cryptocurrency. According to an announcement by Evernorth, shareholders of Armada Acquisition Corp. II will vote on September 30 on the proposed combination with Evernorth.
The Securities and Exchange Commission declared Evernorth's Form S-4 registration statement effective this week, allowing the shareholder solicitation to proceed. This comes after a transaction that was announced in October 2025, which is expected to generate more than $1 billion in gross proceeds.
Evernorth plans to use institutional lending, decentralized finance, and other strategies to increase the amount of XRP backing each share. Ripple itself agreed to contribute 126.8 million XRP to the business under the original transaction documents, according to an SEC filing. Evernorth has since accumulated a substantially larger position as it prepares for the listing.
The company's strategy aims to deploy capital across the XRP ecosystem, including infrastructure tied to tokenized assets, on-chain credit, and settlement, with the goal of increasing XRP per share over time. As of Thursday, XRP was trading near $1.41 after gaining more than 27% over the previous week.