Evernorth cleared its SEC hurdle for a Nasdaq listing under ticker XRPN. The company still hasn't disclosed how much XRP it holds or what the deal values it at.
The Securities and Exchange Commission has declared effective the Form S-4 registration statement covering Evernorth's merger with Armada Acquisition Corp. II, a special purpose acquisition company sponsored by Arrington XRP Capital Fund. The effectiveness, dated , clears the path for a shareholder vote scheduled for and, assuming approval, a Nasdaq listing under ticker XRPN. Evernorth expects the deal to close in late 2026.
Evernorth describes itself as a digital asset treasury company that holds XRP and plans to actively participate in the XRP economy, with a stated goal of growing XRP per share over time. The structure follows the corporate-treasury model Strategy popularized around Bitcoin: hold the underlying asset, list a public equity wrapper around it, and let shareholders gain exposure to both the asset's price and the company's treasury strategy.
Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR are named as investors. The S-4 registers up to 34,499,992 shares of Evernorth Class A common stock and 11,499,992 warrants, giving a sense of the deal's structural scale even without a dollar figure attached.
The central disclosure gap remains the treasury itself. Neither Evernorth's release nor the materials supporting this article state how much XRP the company holds or what valuation the merger implies for those holdings. For a company whose pitch rests on the size and growth of its XRP treasury, that is a major missing piece ahead of the vote.
Public crypto treasury companies have traded both above and below the value of the digital assets they hold. Strategy has at times commanded a premium when investors believed its financing structure could increase Bitcoin exposure per share. Smaller treasury vehicles have traded at discounts when investors decided the public wrapper added cost without enough additional return.
XRPN will face the same test once it lists. Until Evernorth discloses the size of its treasury and the market can compare its equity value with the value of the XRP underneath, the premium-or-discount question remains open.