Evernorth Holdings, an XRP-focused treasury company, is preparing to go public on Nasdaq. Ahead of the listing, the company added amendments to its XRP deal and said it has established a new arrangement with its current stakeholders.

Evernorth plans to list through a business combination with Armada Acquisition Corp. II, the standard route to public markets via a special purpose acquisition company — a shell firm that merges with an operating business to bring it to market without a traditional IPO. Representatives said 95% of enterprise investors agreed to the updated terms.

The original share allocations were based on XRP trading at $2.35, a level well above the token's current price of about $1.

Evernorth is part of a broader wave of single-token treasury companies, a model popularized by bitcoin-focused MicroStrategy and since extended to tokens including XRP. Such vehicles hold large pools of one cryptocurrency and give stock-market investors exposure to it through shares rather than through direct ownership of the token.

The revised XRP share structure

Under the amended terms, Evernorth will use XRP's volume-weighted average price closer to the transaction's closing date instead of the earlier pricing method. Private-placement investors have already subscribed to primary shares at $10 per share. If XRP remains below $2.35, Evernorth will not be required to issue additional shares.

Progress update from us on our proposed public listing: "Evernorth Strengthens Positioning for Public Investors as It Advances Toward Nasdaq Listing" The quick read: Based on current XRP prices, fewer shares are expected to be issued at closing against the same XRP treasury,… pic.twitter.com/hmqYeOiaSG — evernorthxrp (@evernorthxrp) August 13, 2026

In that scenario, the $10 common share would represent more XRP, and the treasury would need more XRP to back each share for customers. With fewer shares outstanding, the company's net asset value would be spread across a smaller number of shares, meaning each share would represent a larger portion of the treasury.

Evernorth is backed by Ripple, SBI Group, Pantera Capital, Kraken, Arrington Capital, and GSR. The roster spans firms closely tied to the XRP ecosystem — Ripple, the blockchain payments company associated with the token, and Japanese financial group SBI — alongside crypto venture firms Pantera Capital and Arrington Capital, exchange operator Kraken, and trading firm GSR. The company says its goal is to participate in the broader XRP ecosystem rather than simply speculate on the token's market value.

"Tying the share count to XRP's value at closing is the right thing to do for Evernorth and our investors," Asheesh Birla, founder and CEO of Evernorth, said.

"We're preserving alignment among investors while supporting our long-term strategy of building institutional access to the XRP ecosystem," he added.

A completed Nasdaq listing would make the treasury accessible through ordinary brokerage accounts. The transaction remains tied to closing the Armada business combination, and the final share count will be determined by XRP's volume-weighted average price near that date rather than the original $2.35 benchmark.

The company's proposed listing is covered in a PR Newswire announcement, "Evernorth Strengthens Positioning for Public Investors as It Advances Toward Nasdaq Listing."