Evernorth Advances $1 Billion XRP Treasury Deal Toward Nasdaq Listing

Evernorth said the U.S. Securities and Exchange Commission has declared effective its Form S-4 registration statement for its proposed merger with Armada Acquisition Corp. II, moving the transaction closer to completion and a potential Nasdaq listing under the ticker XRPN.

According to information shared on X by @WuBlockchain, the transaction is subject to a shareholder vote scheduled for September 30. If shareholders approve the merger and the deal is subsequently completed, the combined company is expected to begin trading on Nasdaq as an XRP-focused treasury company.

The development marks a further step in Evernorth’s plan to establish a publicly listed company centered on holding XRP as a treasury asset.

SEC Declares Evernorth Registration Statement Effective

The SEC’s declaration that Evernorth’s Form S-4 registration statement is effective represents a procedural milestone for the proposed business combination with Armada Acquisition Corp. II.

A Form S-4 is a registration statement used in certain business combinations involving securities. Its effectiveness allows the transaction to proceed cryptocurrency toward the shareholder approval stage, subject to the applicable conditions of the agreement.

Evernorth has scheduled a shareholder vote for September 30, when investors will consider the proposed merger. Completion of the transaction remains dependent on the required approval and other conditions being satisfied.

If the merger is approved and completed, the resulting company is expected to list on Nasdaq using the ticker XRPN.

Evernorth Targets XRP-Focused Treasury Strategy

Evernorth has positioned the proposed combined company as an XRP-focused treasury company. Its strategy is centered on establishing a corporate structure dedicated to XRP as a treasury asset.

The company previously announced that it had secured more than $1 billion in gross proceeds and committed capital from investors.

The group of investors cited in the announcement includes Ripple, SBI Group, Pantera Capital and Kraken. Their participation provides the proposed transaction with backing from companies and investment firms active across the cryptocurrency and digital-asset sectors.

The funding is a central component of Evernorth’s plan as it moves toward becoming a publicly traded company.

Shareholder Vote Represents Next Major Milestone

The September 30 shareholder vote will be the next significant step in the proposed combination between Evernorth and Armada Acquisition Corp. II.

Shareholder approval is required before the transaction can proceed to completion. The SEC’s effectiveness of the Form S-4 does not itself complete the merger or guarantee the Nasdaq listing. Instead, it clears an important regulatory step in the process.

If the transaction receives the necessary approval and closes as planned, the combined entity is expected to trade on Nasdaq under XRPN, giving investors access to a publicly listed company built around an XRP treasury strategy.

The transaction also comes amid growing interest in corporate treasury models involving digital assets. Companies pursuing such strategies generally seek to use corporate capital to acquire and hold digital assets as part of their broader financial structure.

For Evernorth, the proposed transaction cryptocurrency specifically focuses on XRP and is backed by more than $1 billion in previously announced gross proceeds and committed capital.

With the registration statement now effective and the shareholder vote scheduled for September 30, the merger has moved into a later stage of the process. The final outcome will depend on shareholder approval and the completion of the remaining transaction requirements.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.