Evernorth Targets Nasdaq Listing with $1B XRP Treasury SPAC Deal

Highlights:

• Evernorth is targeting a Nasdaq listing through a SPAC merger with Armada Acquisition Corp.
• The enterprise intends to create a massive XRP treasury and deploy it to DeFi activity.
• The listing remains subject to SEC approval and shareholder vote prior to trading.

Evernorth is moving toward a Nasdaq listing after filing a Form S-4 with the U.S. Securities and Exchange Commission. The filing supports its planned merger with Armada Acquisition Corp. II and brings the deal into the regulatory review stage.

🚨JUST IN: XRP TREASURY EVERNORTH FILES WITH SEC FOR NASDAQ LISTING$XRP Treasury firm, Evernorth, filed a Form S-4 with the U.S. Securities and Exchange Commission, moving closer to going public.

The filing marks a major step toward its Nasdaq debut. The firm plans to list via… pic.twitter.com/3vQ79XpcCG

— BSCN (@BSCNews) March 19, 2026

The company plans to operate as Evernorth Holdings Inc. after the merger closes. It expects to trade on Nasdaq under the ticker XRPN, while warrants may trade under XRPNW. However, the listing will only proceed after the SEC approves the filing and Armada II shareholders vote in favor of the deal.

Armada Acquisition Corp. II raised about $230 million during its initial public offering in May 2025. That capital forms part of the structure that will support the merger. The S-4 filing also includes a preliminary proxy statement and a prospectus, and both documents outline how the company will operate once it becomes public.

Evernorth launched last year as a company built around managing XRP as a treasury asset. The firm focuses on combining public market structure with blockchain-based financial activity. Evernorth CEO Asheesh Birla stated, “We believe global finance is entering a new era with digital assets playing a larger role in how capital is held, managed, and deployed.”

Evernorth Targets Nasdaq Listing as Institutional Capital Builds Around XRP

The company expects to raise more than $1 billion through the merger and related investments. The deal has already attracted backing from Ripple, SBI Holdings, Pantera Capital, Kraken, Arrington Capital, and GSR.

Ripple provided more than 126 million XRP tokens, while other investors added over $214 million in cash alongside additional XRP. This mix of funding gives the company both liquidity and asset exposure as it prepares for the listing. Evernorth currently holds about 473.27 million XRP, valued at roughly $692 million. However, the value of these holdings has dropped by about 19% compared to the company’s average purchase price.

The company plans to use its XRP rather than hold it idle. It will lend assets to institutions, provide liquidity to markets, and take part in decentralized finance activity. It also plans to run validators on the XRP Ledger and use RLUSD to support transaction flows tied to XRP. This structure allows investors to gain exposure to XRP through a listed company. Investors do not need to manage wallets or handle custody directly.

Other firms have also adopted XRP as a treasury asset. SBI Holdings holds XRP to support cross-border payment corridors. In addition, Trident Digital Tech and Webus International have also adopted XRP treasury strategies, with Webus committing about $300 million to the asset.

SEC Decision on XRP Status Eases Path for Institutional Market Entry

The SEC has made it clear that XRP is a digital commodity and not a security. This ruling eliminates one of the key legal issues that had restricted institutional involvement in the past. It further facilitates the ease with which companies can organize financial products based on XRP.

TODAY 🚨: The Commission issued an interpretation that clarifies the application of federal securities laws to crypto assets.

This is a major step to provide greater clarity regarding the Commission’s treatment of crypto assets.

Read the release here: https://t.co/DDykVLHZQI pic.twitter.com/zbLFS2JH6g

— U.S. Securities and Exchange Commission (@SECGov) March 17, 2026

Commenting on the announcement, Stuart Alderoty, Ripple’s legal officer, said, “We always knew XRP wasn’t a security, and now the SEC has confirmed it is a digital commodity. Grateful to the Crypto Task Force for delivering the clarity that markets, investors, and innovators have long deserved.”

At the same time, activity on the XRP Ledger has continued to grow. The network now has more than 7.7 million wallets, and that figure marks a new high. The daily transactions are approaching 3 million, which shows steady usage across the network. XRP is currently trading at $1.46, a 3.12% decrease in the past day. The coin currently holds a market capitalization of $89.63 billion, while the trading volume stands at $3.13 billion.