Evernorth Moves Toward Nasdaq Listing With XRP Treasury Strategy

Evernorth has taken a key step toward going public after submitting a Form S-4 to the U.S. Securities and Exchange Commission. The filing is tied to its planned merger with Armada Acquisition Corp. II, bringing the firm closer to a Nasdaq listing.

If approved, the company aims to trade under the ticker XRPN, pending final shareholder approval from the SPAC.

XRP Treasury Strategy and Market Performance

Backed by Ripple Labs, Evernorth plans to raise roughly $1 billion through the merger, with most funds allocated to building an XRP treasury. The firm already holds about 473 million XRP, valued near $692 million.

However, its holdings have declined around 19% over the past three months, reflecting broader market weakness. The average acquisition cost stands at $2.54 per XRP, compared with a lower current market price.

Recent SEC guidance has classified XRP as a digital commodity rather than a security, providing clearer regulatory footing. This shift may support Evernorth’s long-term strategy as it prepares to enter public markets and expand its digital asset treasury operations.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.