$672 Million XRP Treasury Firm Is One Final Vote Away From Nasdaq

The U.S. Securities and Exchange Commission (SEC) announced that Evernorth’s S‑4 registration statement became effective on August 27, removing the last regulatory obstacle before the company can pursue a Nasdaq listing under the ticker “XRPN.”

Shareholder Vote Scheduled for September 30

Evernorth plans to complete its public debut through a merger with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC) formed in October 2024 and sponsored by Arrington XRP Capital. The SEC’s effectiveness filing enables Armada to convene a special shareholder meeting. Investors who were registered as of August 20 will vote on the proposed business combination on September 30, 2026. If the vote is approved, the merger is expected to close shortly thereafter, allowing the combined entity to seek Nasdaq admission by late Q3 or early Q4 of 2026.

Active Management of a Large XRP Treasury

Evernorth Holdings currently holds approximately 473,276,430 XRP, valued at roughly $672 million, representing about 0.473 % of the token’s total supply. This makes it the largest publicly traded corporate holder of XRP. The company intends to move away from a passive buy‑and‑hold approach, instead actively managing its XRP assets to increase holdings per share over time.

The active‑management strategy is built on three pillars: yield generation, participation in the broader XRP ecosystem, and capital‑markets operations. Evernorth plans to allocate funds to XRP‑related infrastructure, tokenized‑asset projects, on‑chain credit, and settlement systems. No specific return targets or risk disclosures were provided.

Backers and Market Context

Evernorth’s backing includes Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. At the time of reporting, XRP was trading near $1.42, up about 9 % over the previous week, with a market capitalization of roughly $89 billion.

The SEC’s effectiveness determination does not constitute an endorsement of the transaction; it simply allows the process to move forward. The upcoming shareholder vote will be the decisive step toward listing XRPN on Nasdaq.