Evernorth receives SEC approval for its merger with Armada Acquisition Corp., aiming for a Nasdaq listing as the largest XRP treasury.
Summary
- The SEC granted approval for Evernorth's Form S-4 on August 27, allowing Armada Acquisition Corp. II to hold a shareholder vote on their merger.
- Shareholders recorded by August 20 will vote on the merger on September 30, while shares can be redeemed until September 28.
- Evernorth aims to establish itself as the largest publicly traded XRP treasury, despite a significant drop in the value of its $947 million XRP investment from last October.
The U.S. Securities and Exchange Commission has officially approved Evernorth Holdings' registration, enabling the company to proceed with its merger plans with Armada Acquisition Corp. II.
This merger, pending a shareholder vote on September 30, will allow Evernorth to list on Nasdaq under the ticker "XRPN," aiming for a launch in late Q3 or early Q4 of this year. The SEC's approval facilitates the vote but does not endorse the merger or the business model.
Asheesh Birla, Evernorth's CEO, highlighted the approval as a crucial milestone toward establishing an actively managed XRP treasury that adheres to public market standards of transparency and governance.
Evernorth is categorized as a digital asset treasury company (DAT), focusing on maintaining XRP on its balance sheet and leveraging it for capital-raising and acquisitions, diverging from traditional ETFs that simply track token prices. The company, which has gained backing from major investors like Ripple and Pantera Capital, aims to deploy its treasury through decentralized finance and ecosystem investments.
Despite raising over $1 billion for XRP purchases, the value of Evernorth's holdings has significantly declined, from an investment of about $947 million last October to a loss of $446 million by February. As of now, XRP is trading around $1.37, reflecting a notable drop from its peak of $3.65 in July 2025.
This decline poses a challenge for the future trading of XRPN, as DAT stocks rely on maintaining a premium over the underlying cryptocurrency's value to secure funding for acquisitions. Armada's shareholders must decide by September 28 whether to support the merger or redeem their shares.
