Nevada-based firm Evernorth has filed a Form S-4 with the SEC to advance its merger with a special purpose acquisition company, aiming to become a publicly traded XRP treasury entity on Nasdaq. The company has secured over $1 billion in backing from institutional investors, including Ripple Labs and Pantera Capital. The move follows recent SEC guidance classifying XRP as a digital commodity, while the token’s price continues to struggle near the $1.50 mark.
The XRP-focused treasury firm Evernorth has filed a key registration statement with regulators to advance its planned public listing. This formal submission moves the company closer to completing its merger with Armada Acquisition Corp. II, a special purpose acquisition company.
Upon closing, the combined entity is expected to trade on Nasdaq under the ticker symbol “XPRN.” The deal requires approval from Armada II shareholders and remains subject to standard closing conditions. Evernorth described itself as a regulated corporate vehicle designed to give public market investors exposure to XRP.
The company stated it secured more than $1 billion in gross proceeds from a group of institutional backers. These investors include Ripple Labs, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. The proceeds will support building what Evernorth expects to be Nasdaq’s largest publicly traded XRP treasury firm.
Michael Arrington, founder of Arrington Capital, commented on the development. “Evernorth continues to emerge as a key gateway for capital markets, underscoring XRP’s rising influence in bridging traditional finance and real-time innovation,” he said.
Evernorth’s announcement follows recent SEC guidance where XRP was included in a group of assets treated as digital commodities. The agency stated that securities regulations typically extend only to tokenized securities, excluding most other digital assets from such classification. On the price front, XRP has been struggling to sustain momentum above $1.50.
After shedding almost 4% over a recent 24-hour period, the asset was trading near $1.46. Some analysts point to potential legislative catalysts, such as the CLARITY Act, which could influence XRP’s price trajectory. An analyst found the token is forming an ascending triangle pattern, which is often linked to breakouts.
