XRP-focused digital asset firm Evernorth is moving closer to going public after submitting a key regulatory filing to the U.S. Securities and Exchange Commission (SEC). The company, backed by Ripple Labs, has filed a Form S-4, marking a major milestone in its plan to list shares on the Nasdaq through a SPAC merger.
Evernorth’s SPAC Merger and Nasdaq Listing Plans
Evernorth initially revealed its intention to go public in October through a merger with Armada Acquisition Corp. II. The recently filed Form S-4 is one of the final regulatory steps required before the deal can be completed.
If the SEC approves the filing, the merger will still need to be cleared by Armada II shareholders. Once finalized, Evernorth plans to begin trading on Nasdaq under the ticker “XRPN.”
The company expects the transaction to generate approximately $1 billion in gross proceeds. According to Evernorth, most of these funds will be directed toward building a large XRP treasury, while the remaining portion will cover operational costs and expenses related to the merger.
XRP Treasury Strategy and Market Challenges
Evernorth has already started accumulating XRP as part of its long-term strategy. Data shows the firm currently holds around 473 million XRP, with a total treasury value of about $692 million. These purchases were made in two phases between late October and early November.
However, recent market conditions have impacted the value of these holdings. With an average purchase price of $2.54 per token, the company’s XRP reserves have declined by over 19% in value amid a broader crypto market downturn. XRP is currently trading significantly lower than Evernorth’s acquisition cost.
Despite short-term volatility, Evernorth’s strategy aligns with broader developments in the regulatory landscape. The SEC recently clarified that many major cryptocurrencies—including XRP, Bitcoin, Ethereum, Avalanche, Dogecoin, and Aptos—are considered digital commodities rather than securities in most cases. This distinction provides clearer guidance for companies building crypto-based treasuries.
Ripple’s chief legal officer, Stuart Alderoty, welcomed the development, noting that the clarification brings long-awaited certainty to the market and reinforces XRP’s classification as a digital commodity.
