Key Highlights

• Evernorth submitted Form S-4 registration statement for SPAC merger with Armada Acquisition Corp. II.
• Transaction aims to secure more than $1 billion with support from Ripple, SBI Holdings, and Kraken.
• Merged entity plans to maintain minimum 473 million XRP holdings upon market debut.
• Company seeks Nasdaq listing with XRPN ticker symbol, subject to regulatory clearance.
• XRP currently valued around $1.46 with approximately $89.6 billion market capitalization.

Evernorth, a digital asset treasury company specializing in XRP holdings, has submitted a Form S-4 registration statement to the U.S. Securities and Exchange Commission as it pursues a public listing through a combination with Armada Acquisition Corp. II. The deal is structured to generate over $1 billion in total proceeds, potentially establishing the firm as a leading publicly traded entity with XRP-based treasury reserves.

The registration filing indicates that the merged organization will function under the name Evernorth Holdings Inc. and seeks to secure a Nasdaq listing with XRPN designated for common shares and XRPNW for warrant instruments, contingent upon meeting regulatory standards. The S-4 submission represents a critical milestone in the share registration process tied to the proposed business combination, which awaits both SEC examination and stockholder consent.

Our S-4 is live! The future of finance needs serious builders. Evernorth is one of those builders. The work is just getting started.https://t.co/fetbgY2LXz

Learn more: https://t.co/seHMpTIwIJ pic.twitter.com/i0OBGVytkc

— evernorthxrp (@evernorthxrp) March 18, 2026

Initial projections suggest the company will maintain a reserve of no less than 473 million XRP tokens when operations commence. These holdings encompass allocations from Ripple alongside further acquisitions financed by merger proceeds. XRP maintains its position as the fourth-largest digital currency by total market value, currently assessed at roughly $89.6 billion, with individual tokens trading near the $1.46 mark according to recent data.

Evernorth was founded in 2025 as an institutional-grade platform built to utilize XRP as a primary treasury holding. The company’s approach emphasizes merging digital asset exposure with conventional financial frameworks.

Strategic partnerships and treasury operations

The SPAC arrangement features financial commitments from prominent institutional participants, notably Ripple, SBI Holdings, Pantera Capital, Kraken, GSR, and Arrington Capital. Armada Acquisition Corp. II, serving as the SPAC counterpart in this combination, secured roughly $230 million through its initial public offering conducted in May 2025.

The operational framework developed by Evernorth emphasizes maintaining and strategically managing XRP holdings while engaging in wider ecosystem initiatives. Activities encompass lending programs, liquidity support functions, and validator node operations on the XRP Ledger network. Additionally, the company intends to incorporate Ripple’s RLUSD stablecoin into its operational workflow.

Chief Executive Officer Asheesh Birla explained that the organization seeks to deliver organized access to XRP through established market channels while simultaneously pursuing yield-generating tactics. This methodology blends conventional financial principles with blockchain-based technology infrastructure.

The S-4 documentation encompasses a preliminary proxy statement and prospectus detailing Evernorth’s capital structure, operational blueprint, and executive team. These materials outline the firm’s intended functioning as a publicly listed corporation focused on XRP treasury administration.

Public market entry mechanics

The combination with Armada Acquisition Corp. II utilizes the special purpose acquisition company framework, whereby a private enterprise merges with a publicly listed acquisition vehicle to gain access to public trading venues. Upon completion, Evernorth Holdings Inc. would commence trading on Nasdaq, dependent on obtaining final authorizations.

The deal’s completion depends on multiple requirements, including SEC authorization of the registration documentation and affirmative votes from Armada II stakeholders. The organization must additionally satisfy Nasdaq’s listing criteria before shares can begin trading publicly.

Documentation reveals that Evernorth is establishing itself as a compliant instrument for institutional participation in XRP markets. Through obtaining a listing on a premier exchange, the firm seeks to offer investors digital asset exposure within a conventional equity investment structure.

The SPAC pathway has been adopted by numerous organizations attempting to connect digital asset markets with traditional capital markets, although prevailing market dynamics have affected the timing and outcomes of such public listings in recent periods.

Digital asset landscape and strategic positioning

This development emerges as XRP maintains a prominent standing within the cryptocurrency sector. With total market valuation nearing $90 billion, the digital asset remains among the most actively traded cryptocurrencies worldwide.

Evernorth’s proposed treasury approach exemplifies a growing pattern of corporations incorporating digital currencies into their balance sheet methodologies. Through concentrating on XRP, the company aligns itself with a protocol extensively utilized for international payment systems and financial technology applications.

The firm’s blueprint also encompasses supporting the XRP network through validator infrastructure and liquidity provision activities. These initiatives are structured to coordinate treasury oversight with protocol-level participation.

When the filing was submitted, XRP’s trading price had decreased approximately 4% during the preceding 24-hour period, consistent with wider market trends. Regardless of near-term valuation fluctuations, the asset continues to serve as a foundational element of Evernorth’s operational framework.

The anticipated listing signifies a fresh phase in connecting crypto treasury methodologies with public equity markets. Subject to regulatory assessment and shareholder authorization, Evernorth Holdings Inc. is positioned to proceed with its Nasdaq introduction under the XRPN trading symbol.