Evernorth Holdings, a firm built around holding and managing XRP for institutional investors, said this week that US regulators have declared its Form S-4 registration statement effective.
That step removes a major filing hurdle and moves the company closer to a public listing on Nasdaq through a planned combination with special purpose acquisition company Armada Acquisition Corp. II.
The S-4 covers the securities that would be issued if the merger is completed. Once the deal closes and listing conditions are met, the combined company is expected to trade under the ticker XRPN.
Armada shareholders of record as of August 20 are scheduled to vote on the transaction at a special meeting on September 30.
Management has indicated the combination could close in late third quarter or early fourth quarter of 2026, provided shareholders approve it and other customary conditions are satisfied.Evernorth positions itself as a regulated treasury vehicle rather than a typical crypto fund.
The idea is to give public-market investors exposure to XRP through ordinary brokerage accounts, without requiring them to hold tokens directly or manage private keys.
The company has said it plans to actively manage its holdings with the goal of increasing XRP per share over time, using strategies that could include accumulating the asset, generating yield, and deploying capital into parts of the broader XRP economy.
Backers include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR, among others. Earlier materials around the transaction described an effort to raise more than $1 billion in gross proceeds, much of it intended to build a large XRP position.
Reports tied to the filing have put the expected starting holdings at hundreds of millions of tokens, which would make Evernorth one of the largest public XRP treasury companies if the listing proceeds as planned.
Asheesh Birla, Evernorth’s founder and chief executive, called the SEC action an important milestone.
He said the company set out to create an actively managed XRP treasury that meets the transparency and governance standards expected in public markets, and that effectiveness of the registration statement brings that goal closer.
The structure follows a familiar SPAC path: a blank-check company already listed on Nasdaq merges with an operating business, after which the combined entity continues trading under a new ticker.
For investors who want digital-asset exposure inside traditional portfolios, that wrapper can matter as much as the underlying token.
A listed treasury company can sit alongside stocks and ETFs in ordinary accounts and is subject to public-company disclosure rules.
The vote in late September remains a key remaining gate.
Even after the S-4 became effective, the merger still needs shareholder approval and must satisfy Nasdaq listing requirements.
Until those steps are finished, XRPN is only the planned symbol, not a live listing.
If completed, the transaction would add another public vehicle focused specifically on XRP rather than a broad crypto basket.
Whether that model attracts lasting institutional demand will depend on execution after listing, the performance of XRP itself, and how the company deploys capital. For now, the effective registration statement is the clearest signal yet that Evernorth’s path to Nasdaq is open.
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