XRP Treasury Company Evernorth Moves One Step Closer to Nasdaq Listing

Evernorth, an XRP focused treasury company backed by Ripple and several major crypto investors, is one shareholder vote away from becoming a Nasdaq-listed company under the ticker XRPN.

The U.S. Securities and Exchange Commission (SEC) has cleared Evernorth’s registration, setting the stage for a shareholder vote on September 30. If approved, the transaction with Armada Acquisition Corp. II could close by late September or October.

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Evernorth Targets an XRP Focused Treasury Strategy

Evernorth was created to build a public-company balance sheet centered on XRP. The company is merging with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC), to access the public market without a traditional initial public offering.

The combined company is expected to trade on Nasdaq under the ticker XRPN, subject to shareholder approval and completion of the transaction.

Ripple is among Evernorth’s investors, alongside Arrington Capital, Japan’s SBI Group, Pantera Capital, Kraken and GSR. Evernorth CEO Asheesh Birla also previously led Ripple’s payments business for more than a decade.

The structure resembles the broader crypto treasury model that has gained traction in public markets, where companies hold a specific digital asset as a core treasury reserve.

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Evernorth Plans to Go Beyond Simply Holding XRP

Evernorth's strategy differs from a simple buy and hold treasury.

The company plans to invest in XRP infrastructure while managing its XRP holdings with the goal of increasing the amount of XRP represented by each share over time. The announcement, however, does not provide details on exactly how that objective will be achieved.

That strategy could make XRPN more than a passive vehicle for XRP exposure. Investors may instead be evaluating the company based on both the value of its XRP holdings and its ability to generate additional value through its broader treasury operations.

Still, the structure carries risks. Crypto treasury companies can trade above or below the value of the digital assets on their balance sheets. If a company's shares fall below the value of its underlying holdings, raising additional capital can become more difficult.

XRP Momentum Adds to the Timing

The planned Nasdaq listing comes as XRP has been one of the stronger-performing major cryptocurrencies.

XRP traded near $1.41 on Thursday and remained more than 27% higher over the previous week. The move has coincided with renewed interest in XRP investment products and the wider XRP ecosystem.

If the shareholder vote is approved, Evernorth would give traditional equity investors another way to gain exposure to an XRP focused corporate strategy without directly holding the cryptocurrency.

For now, the key milestone is September 30. A successful shareholder vote would clear the final major hurdle before Evernorth moves toward its planned Nasdaq debut as XRPN.