Evernorth has received regulatory clearance from the U.S. Securities and Exchange Commission, putting the Ripple-backed XRP treasury firm one shareholder vote away from a Nasdaq debut under the XRPN ticker.
The San Francisco-based company was established to build a publicly traded treasury centered on XRP. With its registration now cleared, shareholder approval is the key remaining step before the company can move toward a Nasdaq listing.
Evernorth is pursuing the listing through a merger with Armada Acquisition Corp. II, a special-purpose acquisition company (SPAC). Armada raised funds specifically to acquire a private company and take it public through a merger rather than a traditional IPO.
Armada investors are scheduled to vote on the proposed transaction on Sept. 30. If the deal receives approval, the combined entity is expected to trade on Nasdaq as XRPN. Evernorth said it anticipates completing the merger in late September or October.
The company has attracted backing from several major names in the crypto industry. Ripple is an investor, along with Arrington Capital, SBI Group of Japan, Pantera Capital, Kraken and GSR.
Evernorth CEO and founder Asheesh Birla also brings extensive experience from Ripple, where he spent more than a decade and previously oversaw the company’s payments business.
Most publicly traded crypto treasury companies have adopted a relatively straightforward model: accumulate one cryptocurrency and hold it as a corporate reserve. Strategy popularized that approach through its large-scale Bitcoin holdings.
Evernorth intends to pursue a more active treasury strategy. The company plans to allocate capital toward XRP infrastructure while managing its XRP holdings with the objective of increasing the amount of XRP attributable to each share over time. It has not yet disclosed the specific mechanisms it will use to accomplish this.
The model comes with risks already visible among other crypto treasury firms. Such companies can trade at either a premium or discount relative to the value of their digital-asset reserves. Some Bitcoin treasury companies have recently traded below the value of their holdings, making it more difficult to raise funds through new share issuance.
XRP was trading near $1.41 on Thursday, representing a weekly gain of more than 27%.
