XRP Treasury Company Gets One Step Closer to Listing on Nasdaq
The SEC has declared Evernorth Holdings’ registration effective, clearing the way for its merger with Nasdaq-listed SPAC Armada and a planned Nasdaq listing under the ticker XRPN, pending shareholder approval on September 30 and other closing conditions. The company aims to close in late Q3 or early Q4 and would become the largest publicly traded XRP treasury company. Evernorth is a digital asset treasury firm built entirely around XRP, not an ETF. It plans to use its holdings actively through DeFi yield, validator operations, and ecosystem investments. Backers include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. The company has raised over $1 billion and expects to launch with at least 473 million XRP, including a Ripple contribution that depends on closing the merger. The main risk is XRP’s weak performance. Evernorth’s XRP purchases have lost significant value, and the token’s decline could pressure the premium needed for the treasury model to keep raising capital.
