Evernorth advances Nasdaq listing plans for XRP treasury vehicle

Evernorth Holdings has advanced its plans to list on the Nasdaq through a business combination with Armada Acquisition Corp. II. The U.S. Securities and Exchange Commission (SEC) recently declared the company’s Form S-4 registration statement effective, marking a significant regulatory milestone for the proposed merger.

If the transaction is completed, Evernorth is expected to become a major publicly traded XRP treasury vehicle, potentially holding at least 473 million XRP at launch. The company intends to utilize an active management strategy, deploying capital into XRPL-based activities such as lending and liquidity provisioning rather than offering purely passive exposure.

The deal is expected to generate over $1 billion in gross proceeds, with an investor roster including Ripple, SBI Group, Pantera Capital, Kraken, and GSR. A recent SEC filing by Evernorth served to correct a clerical error regarding a missing signature block for Ripple Labs Inc., the sole member of Pathfinder Digital Assets. Armada shareholders are scheduled to vote on the merger on September 30, with a target closing date in late Q3 or early Q4 of 2026. The combined entity is expected to trade under the ticker symbol “XRPN”.