XRP Treasury Firm Evernorth Files to Go Public on Nasdaq

Evernorth files SEC Form S-4 to go public on Nasdaq via SPAC merger, plans XRP treasury strategy, yield program, and blockchain validator support.

XRP treasury company Evernorth filed papers to go public in the United States. The company filed a Form S-4 with the US Securities and Exchange Commission. The plan to merge with Armada Acquisition Corp. II is indicated in the filing. After the deal, the firm expects to go public on Nasdaq.

Evernorth Plans Public Listing Through SPAC Merger

The filing details how Evernorth is going to merge with special purpose acquisition company Armada Acquisition Corp. II. After the merger, the business will be known as Evernorth Holdings Inc. The company is planning to trade on the Nasdaq under the ticker XRPN. Warrants are allowed to trade under XRPNW.

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Evernorth is focused on developing a large crypto treasury with XRP. The company said the majority of funds raised will purchase XRP from open markets. The idea is to build an institutional-level reserve. This plan is aimed at making XRP a core treasury asset.

The company will not follow a passive investment model. Instead, it plans on an active yield strategy. Evernorth would like to grow its XRP per share over time. It will apply for lending, liquidity programs, and decentralized finance to give it yield.

The filing said Evernorth will also be in support of the XRP Ledger network. The firm plans to run validators to aid in decentralization. It will also use the RLUSD stablecoin to enter the DeFi activity. This demonstrates the company’s desire to be a big part of the XRP ecosystem.

Information about the leader was also provided in the registration statement. The company is headed by Asheesh Birla, who was a former Ripple executive. Senior Ripple members will serve as advisors. However, the filing said Evernorth will continue to govern itself.

SEC Guidance and XRP Status Add Attention to Listing Plan

The filing comes as regulators give new guidance about digital assets. In a notice recently, the SEC stated that tokenized securities are subject to securities laws. However, some digital tokens may be treated as a commodity instead. This guidance may have an impact on the way crypto firms operate.

Examples in the notice were Bitcoin, Ethereum, Avalanche, Aptos, and Dogecoin. These tokens appeared as examples of digital commodities, and therefore, the update pushed XRP status into the spotlight again. As a result, many investors are now watching this issue very closely.

Ripple legal chief Stuart Alderoty said the SEC made clear that XRP is a digital commodity. He added that markets needed this clarity for a number of years. His message helped to grow the discussion around XRP projects.

We always knew XRP wasn’t a security – and now the @SECGov has made clear what it is: a digital commodity. Grateful to the Crypto Task Force for working to deliver the clarity that markets, investors, and innovators have long deserved.

— Stuart Alderoty (@s_alderoty) March 18, 2026

Because of this environment, Evernorth’s public listing is important. The company wants to create one of the biggest XRP treasury firms. It also plans to use blockchain tools to accumulate yield. This model is unlike the normal crypto funds.

With a Nasdaq listing, Evernorth could become the first public XRP treasury firm. The pilot will indicate whether investors are behind active crypto treasury companies. The result could have an impact on future listings in digital asset markets.