Evernorth moves to list on Nasdaq…accelerates expansion of an XRP-based ecosystem

Evernorth has formally kicked off the process to list on Nasdaq, touting a corporate structure centered on XRP.

On the 18th (local time), Evernorth said it filed an S-4 registration statement with the U.S. Securities and Exchange Commission (SEC). The filing is part of a plan to go public through a merger with special purpose acquisition company (SPAC) Armada Acquisition Corp. II, which will still require shareholder approval and regulatory review.

After listing, Evernorth aims to position itself as a “digital asset treasury company” that holds and manages XRP as a core asset. The key goal is to provide a channel for institutional investors to gain exposure to XRP within a regulated structure.

Evernorth CEO Asheesh Birla said, “Digital assets are becoming a core component of capital markets,” adding, “By combining public-market discipline with XRP-based financial infrastructure, we will help build a more efficient financial system.”

Major investors including Arrington Capital, Ripple, SBI Holdings, Pantera Capital and Kraken participated in the project. Evernorth said it has raised more than $1 billion to date and plans to use the funds to increase its XRP holdings and deepen participation in the related ecosystem.

Michael Arrington, founder of Arrington Capital, said, “Evernorth will become a key pillar connecting capital markets with the XRP ecosystem,” calling it “an example that shows the growing utility and influence of XRP.”

Once the merger is completed, Evernorth is expected to trade on Nasdaq under the ticker “XPRN.” The registration statement, however, has not yet become effective, and additional steps remain before a final listing.