The broader cryptocurrency market is being energized by the rise in Bitcoin and altcoins, and a series of positive developments is now unfolding for XRP. XRP treasury company Evernorth Holdings has moved another step closer to a Nasdaq listing via a SPAC merger, completing a further important stage in its pursuit of that goal.

Evernorth Holdings announced that its Form S-4 registration statement filed with the U.S. Securities and Exchange Commission (SEC) for a merger with special purpose acquisition company Armada Acquisition Corp. II has gone into effect. A shareholder vote on the proposed merger with Armada Acquisition Corp. II is scheduled for September 30, 2026.

The step carries procedural weight: a SPAC merger lets a company reach public markets by combining with an already-listed shell company rather than conducting a traditional IPO, and effectiveness of the S-4 — the registration statement covering the shares to be issued in the combination — is what allows the transaction to advance to a shareholder vote.

XRP Treasury Company Expected to List on Nasdaq

The effectiveness of the registration statement marks a significant milestone in the merger process and paves the way for Evernorth’s Nasdaq target. Provided the merger is approved by shareholders and the other closing conditions are met, the combined company is expected to trade on Nasdaq under the ticker symbol “XRPN” as an XRP-focused treasury company. If completed, the listing would bring the corporate crypto-treasury model popularized by bitcoin-focused firms such as Strategy (formerly MicroStrategy), a playbook since extended to XRP and other digital assets, to a US exchange as a dedicated XRP vehicle.

Evernorth founder and CEO Asheesh Birla said, “Today is a significant milestone toward completing the business merger we proposed. Our goal was to create an actively managed XRP treasury with the transparency and governance demanded by public markets. With the entry into force of the registration statement, we are one step closer to realizing our vision.”

Evernorth’s major investors include Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital, and the company stated that it has secured over $1 billion in gross proceeds and committed capital from investors. The roster ties the company closely to the asset’s core ecosystem: Ripple is the firm most closely associated with XRP and the XRP Ledger, and SBI Group is a longtime Ripple business partner in Asia, while Pantera Capital and Arrington Capital are crypto venture investors and Kraken and GSR are established exchange and trading firms.