Ripple-backed XRP treasury moves closer to Nasdaq debut

Evernorth Holdings is an XRP treasury company which is backed by investors such as Ripple , Kraken, SBI Holdings, Pantera Capital, and Arrington Capital.

Led by former Ripple executive Asheesh Birla, Evernorth wants to offer investors liquid, transparent XRP exposure through a publicly listed vehicle. Ripple CEO Brad Garlinghouse is an advisor at the company.

As reported earlier , Evernorth filed a registration statement with the U.S. Securities and Exchange Commission (SEC) in March to make its Nasdaq debut through a merger with a special purpose acquisition company (SPAC) called Armada Acquisition Corp. II (Nasdaq: AACI).

On Aug. 27, Evernorth announced that the SEC has cleared the registration. The move clears the way for Armada to convene a shareholder meeting on Sep. 30 to vote on the transaction. The vote is "one of the last key milestones" before its Nasdaq debut, Evernorth said.

The business combination is expected to close in late Q3 or early Q4 2026, subject to shareholder approval and customary closing conditions. If everything does well, the combined company's shares will trade under the ticker "XRPN."

"We set out to build an actively managed XRP treasury with the transparency and governance public markets demand," Birla said. "With the registration statement now effective, we are one step closer to delivering on our vision."

XRP was trading at $1.37 at the time of writing, as per Decibel .