Crypto XRP: Evernorth Moves Closer to Wall Street and Nasdaq

Evernorth is moving closer to the Nasdaq. The SEC has declared effective the S-4 form filed for its merger with Armada Acquisition Corp. II. This step allows the SPAC to convene its shareholders on September 30 to vote on the operation. If approved and finalized, the XRP treasury company is expected to be listed under the symbol XRPN by the end of the third quarter or the beginning of the fourth.

Key Points {#h-key-points}

• The SEC has declared effective Evernorth's S-4 form, the last step before merging with SPAC Armada Acquisition Corp. II.
• Listing expected on Nasdaq under the ticker XRPN, by the end of the third or beginning of the fourth quarter, subject to shareholder vote.
• Ripple, SBI Group, Pantera Capital, Kraken, Arrington Capital, and GSR are among the investors in the vehicle.
• XRP is trading around $1.42 with a market cap of $91.6 billion, ranking fifth globally.

A Decisive Vote on September 30 for Evernorth {#h-a-decisive-vote-on-september-30-for-evernorth}

Evernorth plans to go public by merging with Armada Acquisition Corp. II, a SPAC created in October 2024 and sponsored by Arrington XRP Capital.

The S-4 form registers the securities issued in connection with this operation and provides shareholders with the necessary information before their vote. It covers up to 34,499,992 Class A common shares of Evernorth and 11,499,992 warrants.

The effectiveness declaration made on August 27 by the SEC now allows Armada to organize its extraordinary meeting. Shareholders registered by August 20 will be able to vote on the merger on September 30.

If the project receives their approval, its closing is expected shortly thereafter, subject to usual conditions. The combined company will then be able to request its admission to Nasdaq under the ticker XRPN.

However, this SEC decision does not constitute an approval of the project, its financial relevance, or its fairness. The regulator only confirms that the registration document can be used to proceed with the process.

Active Management of the XRP Reserve

Evernorth does not want to replicate the model of early crypto treasury companies, primarily focused on buying and holding tokens. The company claims it wants to actively manage its XRP to gradually increase the amount held per share.

Its strategy is based on three pillars: seeking yield, participating in the XRP ecosystem, and operations conducted in capital markets. Evernorth plans to finance infrastructure related to XRP, as well as projects dedicated to tokenized assets, on-chain credit, and settlement systems.

The statement does not detail the targeted yields or the risks associated with these strategies. Their effectiveness will thus remain to be demonstrated once the company is listed.

Evernorth presents its future stock as a regulated, liquid, and transparent way to gain exposure to the XRP ecosystem. It is supported by Ripple, SBI Group, Pantera Capital, Kraken, Arrington Capital, and GSR.

XRP is currently trading around $1.42, up 4% over 24 hours, with a market cap of approximately $91.6 billion.

The effectiveness of the S-4 thus marks an important milestone, but Evernorth is not yet listed. The vote on September 30 and the finalization of the merger will determine whether XRPN can indeed debut on Nasdaq. Another crypto treasury could thus land on Wall Street.