Evernorth Heads to Nasdaq

Evernorth, an asset management firm focused on the cryptocurrency XRP, has filed an S-4 registration statement with the U.S. Securities and Exchange Commission. This marks the first step toward its planned debut on the Nasdaq stock exchange through a merger with a SPAC company, Armada Acquisition Corp. II.

Once the transaction is completed, the combined entity will operate under the name Evernorth Holdings Inc. The company also intends to list its shares on Nasdaq under the ticker symbols XRPN and XRPNW. According to the filing, Evernorth is expected to hold at least 473 million XRP at launch. Part of these holdings will come from Ripple, while the remainder will be acquired using funds raised through the merger.

Earlier reports suggested that the deal could generate more than $1 billion in gross proceeds. Notable investors involved in the transaction include SBI, Ripple, Pantera Capital, Kraken, and GSR.

Founded in 2025, Evernorth focuses on managing XRP as its primary reserve asset. The company aims not only to accumulate the cryptocurrency but also to actively participate in its ecosystem. This includes activities such as lending, providing liquidity, operating validators on the XRP Ledger network, and utilizing Ripple’s RLUSD stablecoin.

As CEO Asheesh Birla emphasizes, the company’s goal is to offer investors more than simple exposure to XRP’s price. Its strategy combines traditional revenue-generating methods with solutions drawn from the DeFi sector, while also supporting the broader development of the ecosystem.

Armada Acquisition Corp. II, Evernorth’s partner in the deal, completed its own IPO in May 2025, raising approximately $230 million.