Evernorth SEC Clearance Advances Nasdaq XRP Treasury Vehicle
Evernorth Holdings cleared SEC review for its SPAC merger, positioning the first listed XRP treasury vehicle under ticker XRPN if shareholders approve.
Evernorth Holdings received SEC clearance on August 27 for the registration statement it filed in March to merge with Armada Acquisition Corp. II. The combined company would trade on Nasdaq under the ticker XRPN and hold XRP as its primary treasury asset.
Transaction timeline and conditions
The structure gives investors a listed vehicle for XRP exposure with public-market transparency and governance. Evernorth is backed by Ripple, Kraken, SBI Holdings, Pantera Capital, and Arrington Capital. Former Ripple executive Asheesh Birla leads the company, and Ripple CEO Brad Garlinghouse serves as an advisor.
Armada shareholders will vote on the deal at a September 30 meeting. The business combination is expected to close in late third quarter or early fourth quarter 2026, subject to approval and standard closing conditions. No information has been released on the planned size of the XRP treasury or related financial terms.