Evernorth Holdings has cleared a major regulatory step toward becoming a publicly traded XRP treasury company. The SEC declared its Form S-4 registration effective on August 27, 2026, moving the Ripple-backed firm closer to a Nasdaq listing and its planned $1 billion XRP treasury.
The company is expected to launch with around 473 million XRP, while the proposed transaction is expected to generate more than $1 billion in gross proceeds.
The SEC’s decision allows Armada Acquisition Corp. II shareholders to vote on the proposed business combination. The next key step is a shareholder vote on September 30, 2026.
If shareholders approve the deal and other closing conditions are met, the combined company is expected to begin trading on Nasdaq under the ticker XRPN in late Q3 or early Q4 2026.
Evernorth CEO Asheesh Birla called the SEC clearance an important step toward the planned deal.
“Today marks an important milestone toward completing our proposed business combination.”
The bigger part of the deal is Evernorth’s XRP treasury. The company plans to launch with around 473 million XRP if the business combination is completed.
Separately, the transaction is expected to generate more than $1 billion in gross proceeds, with major backers including Ripple, SBI Group, Pantera Capital, Kraken and GSR.
Unlike companies that simply buy and hold crypto, Evernorth plans to use its XRP treasury for activities including lending, liquidity support and other XRP-based strategies. The company says these activities are intended to increase the amount of XRP backing each share over time.
Evernorth says it plans to support the wider XRP ecosystem by putting capital into on-chain financial infrastructure, including tokenized assets, credit markets and blockchain-based settlement.
Birla said the company expects institutional finance to increasingly move on-chain.
“We believe institutional finance will increasingly be built on-chain.”
XRP has also gained around 8.7% over the past seven days and is trading near $1.42.
For now, the September 30 shareholder vote remains the key hurdle. SEC clearance does not mean the merger is complete or that XRPN has started trading.
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