Ripple-Backed Evernorth Targets Nasdaq Listing Via SPAC

A newly formed digital asset firm is moving closer to going public in the United States, as Evernorth Holdings filed a registration statement with the U.S. Securities and Exchange Commission as part of its planned SPAC merger.

Our S-4 is live! The future of finance needs serious builders. Evernorth is one of those builders. The work is just getting started. more: pic.twitter.com/i0OBGVytkc

— evernorthxrp (@evernorthxrp) March 18, 2026

The company submitted a Form S-4 filing in connection with its proposed business combination with Armada Acquisition Corp. II, a special purpose acquisition company backed by Arrington Capital

The transaction, if approved, would pave the way for Evernorth to list on Nasdaq under the ticker “XPRN.”

Evernorth aims to position itself as a public company offering institutional exposure to XRP through a regulated corporate structure

Its strategy centers on holding and actively managing XRP as part of a treasury-focused business model, designed to bridge traditional capital markets with blockchain-based financial infrastructure.

The latest filing represents a key milestone in the company’s path to becoming publicly traded, marking the first time Evernorth has disclosed detailed information about its financials, leadership, and long-term strategy

However, the registration statement remains subject to SEC review and must also receive approval from Armada II shareholders before the deal can be finalized.

It is worth noting that Evernorth has already secured more than $1 billion in gross proceeds from institutional and strategic investors

Backers include Ripple, SBI Holdings, Pantera Capital, and Kraken, highlighting strong early support for its XRP-focused treasury model.

The firm’s CEO, Asheesh Birla, said the company is being built to align with the growing role of digital assets in global finance, combining public-market discipline with blockchain innovation.

Available data suggests that Evernorth could become one of the largest publicly traded XRP treasury firms if the transaction is completed, reflecting increasing institutional interest in structured crypto exposure.

The move comes as more companies explore alternative routes to public markets via SPAC mergers, particularly in the digital asset sector, where regulatory clarity and investor demand continue to evolve.

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