Evernorth, a digital asset treasury firm backed by Ripple Labs, has filed a key Form S-4 registration statement with the SEC, advancing its plan to go public via a merger with special purpose acquisition company Armada Acquisition Corp. II. The firm aims to list on Nasdaq under the ticker XRPN, with the merger expected to generate $1 billion to primarily build an XRP treasury. This move follows recent SEC guidance classifying XRP as a digital commodity, providing regulatory clarity for the asset.
The Ripple Labs-backed firm Evernorth has submitted a Form S-4 registration statement to the SEC, marking a final major step toward a public listing. Evernorth plans to go public through a merger with special purpose acquisition company Armada Acquisition Corp. II.
The merger requires final approval from Armada II shareholders following any SEC clearance. Upon completion, the combined entity intends to list on the Nasdaq stock exchange under the ticker symbol XRPN.
Evernorth stated in October that the merger is expected to generate $1 billion in gross proceeds. The primary use of these funds will be to build an XRP treasury, with a smaller portion allocated for operating and deal expenses.
The firm has already begun accumulating XRP, holding 473.27 million tokens purchased in two tranches between October 20 and November 4. According to CoinGecko data, the total treasury value is approximately $692 million, with an average purchase price of $2.54 per XRP.
The value of its holdings has fallen 19.1% over the past three months amid a broader market downturn. At the time of writing, XRP is trading at $1.47.
This treasury development coincides with new regulatory clarity for the asset. The SEC recently published guidance declaring XRP a digital commodity, alongside tokens like Bitcoin and Ethereum.
In a notice, the SEC stated that generally only tokenized securities remain subject to securities laws. Ripple’s chief legal officer, Stuart Alderoty, responded on social media, “We always knew XRP wasn’t a security – and now the @SECGov has made clear what it is: a digital commodity.”
