Evernorth Gets SEC Nod for Nasdaq Listing Under XRPN Ticker

On August 27, the SEC gave Evernorth's S-4 registration the green light, wiping away the last regulatory obstacle for its Nasdaq listing under ticker XRPN.

Evernorth, an XRP treasury firm with backing from Ripple, Kraken, and Pantera Capital, is heading to a key shareholder vote set for September 30.

A Decisive Vote Set for September 30

Evernorth intends to list via a merger with Armada Acquisition Corp. II, a SPAC that was established in October 2024 and backed by Arrington XRP Capital.

The S-4 filing details the securities included in the transaction and supplies shareholders with pre-vote information, covering as many as 34,499,992 Class A common shares and 11,499,992 warrants.

The SEC has declared our registration statement effective!

Press release here: https://t.co/UMmvGU2kcb

Armada Acquisition Corp. II shareholders will vote on the proposed business combination on Sept 30, 2026. Completion remains subject to that vote and to customary closing… pic.twitter.com/XqpG9IFXCG

— evernorthxrp (@evernorthxrp) August 27, 2026

Thanks to the SEC's effectiveness declaration, Armada can now officially call its special shareholder meeting. Shareholders on record as of August 20 are set to vote on the merger on September 30.

Should the vote pass, the deal's closing would occur soon after, pending customary conditions, and the merged entity might then pursue Nasdaq listing under XRPN by late Q3 or early Q4.

The SEC's green light does not signify approval of the deal's merits or fairness. The regulator merely verified that the registration statement is now ready to advance the process.

Evernorth Wants an Actively Managed XRP Reserve

Evernorth seeks to deviate from the passive buy-and-hold approach that characterized early crypto treasury firms. The company says it will actively handle its XRP stash to steadily boost the amount held per share.

Per CoinGecko data, Evernorth Holdings possesses 473,276,430 XRP, valued at about $672.3 million and representing 0.473% of the token's entire supply. This positions it as the biggest publicly traded corporate XRP holder, outranking any competing treasury firm.

The strategy is built on three foundations: generating yield, engaging in the wider XRP ecosystem, and capital markets activities. Evernorth intends to finance XRP-linked infrastructure as well as projects involving tokenized assets, on-chain credit, and settlement platforms.

The press release did not spell out particular return goals or the risks associated with these strategies, so their performance will only become clear after the company starts public trading. Evernorth presents its forthcoming shares as a regulated, liquid, and transparent avenue for exposure to the XRP ecosystem, supported by Ripple, SBI Group, Pantera Capital, Kraken, Arrington Capital, and GSR.

XRP is trading around $1.42, having risen 9% in the last week, with a market capitalization near $89 billion, based on BeInCrypto data. The S-4's effectiveness is a significant milestone, yet Evernorth is still not listed. The September 30 vote and subsequent deal closure will decide if XRPN truly launches on Nasdaq.