Evernorth clears SEC hurdle on path to become largest public XRP treasury vehicle

Evernorth Holdings just crossed a major regulatory checkpoint. The SEC declared the company’s Form S-4 registration statement effective on August 27, opening the door for its planned merger with Armada Acquisition Corp. II and a subsequent Nasdaq listing under the ticker XRPN.

If the deal closes as planned, Evernorth would become the largest publicly traded XRP treasury vehicle, holding at least 473 million XRP at launch.

The deal structure and who’s writing the checks

The business combination with Armada Acquisition Corp. II, a special purpose acquisition company, is expected to generate over $1 billion in gross proceeds.

The investor roster includes SBI Group, Ripple, Pantera Capital, Kraken, and GSR.

Armada shareholders will vote on the merger at a special meeting scheduled for September 30. Assuming approval, the business combination is expected to close by late Q3 or early Q4 of 2026.

More than a bag holder: the active treasury strategy

CEO Asheesh Birla has emphasized that the company plans to create value through active management of its XRP holdings rather than offering passive exposure to price movements. That active approach includes deploying capital into XRPL-based strategies like lending, liquidity provisioning, and yield generation.

Why the Nasdaq listing matters

The SPAC route to public markets gives institutional investors who can’t or won’t hold digital assets directly a regulated vehicle for gaining exposure. A Nasdaq-listed XRP treasury company would sit in brokerage accounts alongside everything else, no wallets or private keys required.

The backing from Ripple itself is worth noting. SBI Group, a major Japanese financial conglomerate that has long been one of Ripple’s closest partners, adds an Asia-Pacific institutional dimension to the investor base. GSR and Kraken bring market-making and exchange infrastructure expertise, respectively. Pantera Capital, one of the oldest crypto-focused venture funds, lends credibility from the traditional crypto investment world.

The shareholder vote on September 30 remains the next critical milestone. The redemption rate will determine how much of that projected $1 billion in gross proceeds actually materializes.

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