Evernorth Holdings, backed by Ripple executives, is advancing its plan to become the largest public XRP treasury on Nasdaq.
The company on Wednesday filed a registration statement with the SEC in connection with its proposed merger with Nasdaq-listed SPAC Armada Acquisition Corp. II., a blank-check company sponsored by Arrington XRP Capital.
Evernorth aims to create a publicly traded company to provide investors with regulated exposure to XRP through active treasury management strategies, including lending, decentralized finance participation, and liquidity provisioning.
The company has raised over $1 billion in gross proceeds from institutional and strategic investors, including Ripple, Arrington Capital, SBI Holdings, Pantera Capital, and Kraken, to establish the largest public XRP treasury.
SBI Holdings, the Japanese financial services conglomerate with longstanding ties to the XRP ecosystem, has committed $200 million.
Upon completion, expected in the first quarter of 2026, Evernorth’s shares will trade on Nasdaq under the ticker XPRN, subject to SEC and shareholder approvals.
The regulatory environment surrounding XRP has shifted since Ripple’s protracted legal battle with the SEC concluded with a March 2026 determination by both the SEC and Commodity Futures Trading Commission that the token qualifies as a digital commodity rather than a security.
The classification removes a primary source of uncertainty that had deterred institutional participation in XRP markets since the SEC filed its original complaint in December 2020.
More than 300 financial institutions across 55 countries now use the XRP Ledger network for cross-border payments and settlement, generating approximately 3 million transactions daily.
Ripple’s flagship stablecoin, launched in late 2024, has grown to a market capitalization of $1.5 billion and accounts for over 80% of stablecoin supply on the ledger.
