Evernorth Seeks Nasdaq Listing, Centers Plan on 473M XRP

Evernorth filed a Form S-4 with the Securities and Exchange Commission outlining a planned merger with special-purpose acquisition company Armada Acquisition Corp II (AACI) to list on Nasdaq under the ticker XRPN. The transaction remains subject to SEC review and a vote by Armada shareholders.

The filing formalizes Evernorth’s intent to become a public company by combining with Armada. The company intends to offer investors exposure to XRP through a regulated equity vehicle rather than by selling the token directly to shareholders.

At a Las Vegas event, EvernorthXRP CEO Ashish Birla described the structure as a way for institutions to gain “stock-style” access to XRP without taking custody of the token. He highlighted interest in equity-based crypto products and tokenized assets as demand drivers for the offering.

Evernorth reported a treasury of more than 473 million XRP. The company plans to hold XRP as a primary balance-sheet asset and to deploy portions of the holdings over time in yield-generating strategies aimed at producing returns beyond price appreciation.

The filing also outlines potential on-chain integrations tied to the XRP Ledger and related projects. Evernorth named possible work involving Flare, Axelar and native ledger developments as pathways to future yield products if liquidity, developer activity and on-chain volume increase. Birla expressed the view that XRP could lead in tokenization and on-chain financial products.

The proposal recalls the approach taken by other public companies that have placed a single cryptocurrency at the center of their balance sheets, though Evernorth has signaled plans to pursue active yield strategies rather than only passive holding.

Market data cited in company materials show XRP has fallen about 13% over the past quarter. On May 1, open interest delta rose by roughly $23.9 million on Bybit and by about $2.7 million on Binance. Exchange reserves declined in recent weeks: Binance’s XRP balance fell from about 2.80 billion on March 17 to around 2.76 billion by May 4, a drop of roughly 50 million XRP (about 1.8%). Bybit’s balance decreased from about 117 million to nearly 98 million, a decline of about 19 million XRP (around 16.2%).

The merger requires SEC approval and a shareholder vote before Evernorth can list on Nasdaq as XRPN. If the transaction closes, investors would gain regulated equity exposure to a company whose main strategy is linked to a large XRP treasury and potential blockchain-based yield products.