Evernorth Holdings, Inc. and Armada Acquisition Corp. II have cleared a critical regulatory hurdle in their plan to create a publicly traded digital asset treasury focused on the XRP economy. The U.S. Securities and Exchange Commission has declared effective the registration statement on Form S-4 related to the proposed business combination. The announcement moves the companies closer to a shareholder vote and a potential Nasdaq listing under the ticker symbol XRPN.
SEC Clearance
The SEC declared effective the registration statement on Form S-4 related to the proposed business combination between Evernorth and Armada. This regulatory action removes a key hurdle and allows Armada to move forward with a shareholder vote on the transaction. The approval moves Evernorth closer to its goal of operating as a publicly traded digital asset treasury with exposure to XRP.
Special Meeting and Listing Timeline
Armada will hold a special meeting of shareholders of record as of August 20, 2026 on September 30, 2026 to vote on the proposed combination. If shareholders approve the deal, the transaction is expected to close shortly thereafter, subject to customary closing conditions. The combined company is expected to list on Nasdaq under the ticker symbol XRPN once all listing requirements are satisfied.
Evernorth's Active Treasury Strategy
Evernorth is designed to hold XRP while actively participating in the broader XRP economy rather than simply buying and holding tokens. The company plans to allocate capital to XRP-based infrastructure and deploy treasury strategies intended to grow XRP per share over time. This structure is intended to provide public market investors with a regulated and transparent vehicle for exposure to the XRP ecosystem.
Capital for Institutional On-Chain Finance
Evernorth pointed to the growing development of infrastructure for institutional on-chain finance, including tokenized assets, on-chain credit markets, and settlement rails. These systems require capital to scale, and Evernorth intends to be a source of that capital. The company says it plans to operate with the reporting, governance, and disclosure standards expected of a Nasdaq-listed company.
Investor Base and Market Position
Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR, among others. The business combination is expected to close in late third quarter or early fourth quarter of 2026, subject to shareholder approval and other conditions. The expected Nasdaq listing under XRPN would mark a notable step for institutional access to the XRP economy.
Leadership Perspective
Evernorth founder and Chief Executive Officer Asheesh Birla described the SEC effectiveness as an important milestone toward completing the proposed business combination. He said the company set out to build an actively managed XRP treasury with the transparency and governance public markets demand. Birla also stated that Evernorth is designed to accelerate the role of XRP as institutional finance increasingly moves on chain.
The SEC's declaration of effectiveness clears the way for Armada shareholders to make a final decision on the proposed combination on September 30, 2026. Evernorth is positioning itself as an actively managed treasury that provides regulated exposure to the XRP ecosystem through public market standards. If approved, the Nasdaq listing under XRPN could offer a new gateway for investors seeking institutional access to digital asset infrastructure.