Evernorth files for Nasdaq listing, plans $1B XRP reserve

Evernorth seeks Nasdaq listing via SPAC merger, aiming to raise $1B for an active XRP treasury, pending regulatory and shareholder approvals.

Evernorth has filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission, marking a key step toward becoming a publicly traded company on Nasdaq under the ticker XRPN. The company plans to merge with Armada Acquisition Corp II, a special purpose acquisition company (SPAC), in a move designed to raise over $1 billion for a substantial XRP reserve. Evernorth’s strategy emphasizes active treasury management, including institutional lending, liquidity provisioning, and DeFi yield opportunities—distinguishing it from passive ETFs. The proceeds from the listing will primarily be used for open-market XRP purchases, offering investors transparent and liquid exposure to XRP. The proposed listing remains subject to regulatory and shareholder approvals. This development highlights the growing integration of digital assets into traditional capital markets and rising institutional interest in XRP-focused strategies.