SEC Clears Evernorth’s Path to Nasdaq: XRP Treasury Inches Closer to Public Markets

Regulatory Approval Opens Door to Public Listing

The Securities and Exchange Commission has granted clearance for an XRP-focused treasury company to advance toward a Nasdaq debut. According to the SEC, as reported by Decrypt, the agency declared Evernorth Holdings’ Form S-4 registration statement effective on August 27, removing a key regulatory hurdle for the firm’s planned merger with Armada Acquisition Corp. II, a special-purpose acquisition company listed on Nasdaq.

This approval does not constitute SEC endorsement of Evernorth’s business model, strategy, or XRP itself—it simply clears the administrative pathway for the merger to proceed to shareholder voting. If shareholders approve the combination in their scheduled vote on September 30, and remaining closing conditions are met, the merged entity would launch under the ticker symbol “XRPN,” with closure targeted for late third quarter or early fourth quarter of 2026.

Strategy Centered on Active Treasury Management

Evernorth distinguishes itself within the emerging digital asset treasury category by building its entire operation around XRP holdings rather than treating the position as a passive index. Unlike exchange-traded products that simply track token prices, the company plans to actively deploy its XRP through decentralized finance activities, validator node operations, and strategic ecosystem investments.

The venture raised over $1 billion last October to acquire XRP and secured backing from prominent institutions including Ripple—the company behind XRP’s creation—alongside investment firms Arrington Capital, SBI Group, Pantera Capital, cryptocurrency exchange Kraken, and trader GSR. According to the firm’s March filing, Evernorth aims to launch with a minimum of 473 million XRP tokens, including a contribution from Ripple that will be finalized only upon successful merger completion.

Navigating Market Headwinds

The company’s XRP acquisitions have faced significant headwinds since purchases in late October. At that time, Evernorth deployed approximately $947 million to accumulate XRP. By February, the value of these holdings had eroded by roughly $446 million. The currency has continued declining, recently trading around $1.37 per token—substantially below its July 2025 peak of $3.65.

Evernorth founder and CEO Asheesh Birla characterized the SEC approval as an important milestone, emphasizing the firm’s commitment to transparent, publicly-accountable treasury management. Shareholders of record as of August 20 will participate in the September 30 vote, while those seeking redemption must submit requests by September 28.

Becoming the world’s largest publicly traded XRP treasury could reshape how the market views XRP’s institutional utility and holder incentives—particularly as the DeFi ecosystem continues maturing.

Source: SEC, via Decrypt. Not financial advice.