The U.S. Securities and Exchange Commission (SEC) has approved the registration of Evernorth, a treasury company focused on XRP. This move clears the way for its merger with Armada Acquisition Corp. II and its imminent listing on the Nasdaq stock exchange under the symbol XRPN.
The road to Nasdaq and the September 30th vote
The US regulatory authority has approved the registration paperwork for Evernorth, a San Francisco-based company specifically designed to hold XRP on its public balance sheet. This regulatory milestone is crucial, as it leaves the company awaiting a single shareholder vote, scheduled for September 30, before it can officially list on the Nasdaq.
The financial transaction is structured through a strategic merger with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC). This mechanism allows companies like Evernorth to access the public market more quickly than through a traditional initial public offering.
If shareholders give their approval on the specified date, the combined entity will begin trading on the technology stock exchange under the ticker XRPN, closing the deal between the end of September and October.
Institutional backing: Ripple and financial sector giants
Evernorth's launch has strong institutional backing. Ripple is one of the key investors, along with firms such as Arrington Capital, SBI Group, Pantera Capital, and GSR. Leading the project is Asheesh Birla, former head of payments at Ripple, who brings extensive experience in cross-border payments and blockchain infrastructure.
Treasury and value-added strategy
Unlike traditional treasury firms focused solely on passive custody, Evernorth plans active management aimed at funding network infrastructure and progressively increasing the underlying value per share.
With SEC approval and the imminent shareholder vote, Evernorth's arrival on Nasdaq represents a significant step in the convergence between traditional capital markets and digital assets.
Investing in cryptoassets is not fully regulated, may not be suitable for retail investors due to high volatility and there is a risk of losing all invested amounts.
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