Evernorth Advances $1 Billion XRP Treasury Deal Toward Nasdaq Listing

Evernorth Holdings is one step closer to becoming a publicly traded company focused on holding XRP after the SEC approved its registration for a planned merger with Armada Acquisition Corp. II.

The deal will lead to Evernorth’s listing on Nasdaq under the ticker XRPN. Meanwhile, shareholders still need to approve it, with other closing requirements.

Armada shareholders will vote on the deal on September 30, 2026. Upon approval, the merger will close in late Q3 or early Q4, with the new company starting to trade soon after.

Evernorth Secures More Than $1 Billion in Capital

Notably, Evernorth has secured more than $1 billion from major investors, including Ripple, SBI Group, Pantera Capital, Kraken, Arrington Capital, and GSR. The company plans to actively manage its XRP holdings instead of simply keeping XRP on its balance sheet.

Its plans include earning income from XRP, supporting the XRP ecosystem and using financial markets to grow its holdings. The main goal is to increase the amount of XRP held per share over time.

Evernorth CEO Asheesh Birla said the SEC’s approval of the registration is an important step toward completing the deal and building a transparent, publicly traded XRP treasury.

Evernorth’s Plans for XRP Ecosystem

Evernorth plans to invest in XRP-related infrastructure as more institutions adopt blockchain technology. The company sees opportunities in areas such as tokenized assets, on-chain lending and blockchain payments, which need more funding to grow.

Instead of simply buying and holding XRP, Evernorth plans to actively invest in and support the XRP ecosystem. The company says this would give public investors a regulated and transparent way to gain exposure to the XRP ecosystem.

Boosting XRP Ledger DeFi

Meanwhile, XRP Ledger validator Vet said Evernorth will become an important source of liquidity for DeFi on the XRP Ledger (XRPL).

Evernorth plans to actively use and support the XRP Ledger and holds around 473 million XRP.

Vet believes this large XRP holding will help grow XRPL’s DeFi ecosystem, including new features such as Lending. He also pointed to the XRP Ledger’s 24/7 and low-cost transactions as a potential benefit for businesses and institutions.

Looking forward to what looks like Evernorth to go live on the XRP Ledger soon!

Keep in mind, they want to be ACTIVE participants of the XRP Ledger.

To me, here is where bootstrapping of XRP Ledger DeFi will begin to leverage their liquidity (473M XRP) and protocol features… https://t.co/bnGXL3Z0CF

— Vet (@Vet_X0) August 28, 2026

Ultimately, Evernorth’s Nasdaq listing could do more than give investors exposure to XRP by bringing more capital and liquidity to projects and financial services being built on the ecosystem