SEC Approval Paves Way for Evernorth's Nasdaq Listing

Evernorth, a digital asset treasury company focused on XRP, has moved closer to a Nasdaq listing after the SEC declared its S-4 registration statement effective.

The proposed business combination with Armada Acquisition Corp. II will allow public market investors to gain regulated exposure to XRP without direct token ownership.

Evernorth plans to invest in XRP infrastructure and use treasury strategies aimed at increasing XRP held per share.

The deal, signed on October 19, 2025, also names Ripple Labs as a party. If shareholders approve the transaction, the combined company expects to list on Nasdaq under the ticker XRPN.