Evernorth, the world’s largest XRP digital asset treasury, has received SEC approval for its Form S-4 registration, clearing the way for a planned merger with SPAC Armada Acquisition Corp. II to go public on Nasdaq. The company holds 473 million XRP worth $672 million and aims to actively deploy its capital across the XRP ecosystem, focusing on tokenized assets, on-chain credit, and blockchain settlement. XRP is trading at $1.42, up 1.3% daily and 8% weekly. Futures volume peaked at $11.37 billion on August 22, while XRP ETFs have recorded inflows every month except March 2026. CEO Asheesh Birla said the firm is designed to accelerate XRP’s role in on-chain institutional finance.
Evernorth, the world’s largest XRP digital asset treasury, is progressing toward becoming a publicly traded company with XRP at the core of its strategy. Unlike firms that merely buy and hold cryptocurrency, Evernorth intends to use its capital actively across the XRP ecosystem.
On August 27, the U.S. Securities and Exchange Commission declared Evernorth’s and Armada Acquisition Corp. II’s Form S-4 registration statement effective. The company plans to go public through a proposed merger with Armada, a special purpose acquisition company, giving public-market investors exposure to its XRP-focused treasury strategy without a traditional IPO.
With the S-4 effective, Evernorth and Armada can proceed with shareholder approval and work toward listing on Nasdaq. The deal is expected to close in late Q3 or early Q4 of 2026.
According to an official statement, CEO Asheesh Birla said, “We plan to enter public markets as blockchain utility continues to grow, and we believe institutional finance will increasingly be built on-chain. Evernorth is designed to accelerate XRP’s role in that work.” The company also pointed to areas such as tokenized assets, on-chain credit markets, and blockchain-based settlement infrastructure.
At the time of writing, XRP was trading at $1.42 after a 1.3% increase in 24 hours and an 8% gain over the past week. The Relative Strength Index showed signs of a pullback, suggesting that sellers may have room to reverse the trend.
Futures trading volume on Binance, Bybit, OKX, and Bitget rose to $11.37 billion on August 22, its highest since early February. Meanwhile, XRP exchange-traded funds have recorded monthly inflows in every month except March 2026.
Currently, only two companies hold XRP in their treasuries. Evernorth holds 473,276,430 XRP, worth $672.37 million, while Remixpoint, the second-largest, holds 1,191,204 XRP, worth $1.69 million.
