XRP-focused digital asset treasury Evernorth has taken a major step toward going public, filing key paperwork with the US Securities and Exchange Commission (SEC) as it prepares for a Nasdaq listing.
Backed by Ripple Labs, the company first revealed plans in October to go public through a merger with special purpose acquisition company (SPAC) Armada Acquisition Corp. II.
In a statement on Wednesday, Evernorth confirmed it has submitted a Form S-4 registration statement to the SEC—one of the final regulatory steps required before completing the SPAC deal.
Evernorth targets XRPN ticker
If the filing is approved, the merger will still require a final vote from Armada II shareholders. Once cleared, Evernorth intends to list on Nasdaq under the ticker symbol XRPN.
The firm previously said the deal could generate around $1 billion in gross proceeds, with most of the funds earmarked for building an XRP treasury, while the remainder will go toward operational and transaction-related costs.
Treasury under pressure amid market slump
Evernorth has already started accumulating XRP, with its treasury currently valued at approximately $692.24 million. The holdings consist of 473.27 million XRP acquired in two batches between Oct. 20 and Nov. 4.
With an average purchase price of $2.54 per token, the value of these holdings has declined by about 19.1% over the past three months, reflecting the broader downturn in the crypto market. At the time of writing, XRP is trading at $1.47.
SEC offers clearer stance on crypto, including XRP
Evernorth’s treasury strategy comes as XRP was identified as a digital commodity in new guidance issued by the US Securities and Exchange Commission (SEC) on Tuesday.
In its notice, the SEC indicated that, in most cases, only tokenized securities fall under existing securities laws, signaling a clearer distinction for other types of crypto assets.
Alongside XRP, the SEC’s examples of digital commodities included Aptos (APT), Avalanche (AVAX), Bitcoin (BTC), Dogecoin (DOGE), and Ethereum (ETH).
Reacting to the update, Ripple’s chief legal officer Stuart Alderoty said on X that the clarification reinforces what the company has long argued. He added that the new guidance provides much-needed certainty for markets, investors, and innovators, while crediting the SEC’s Crypto Task Force for advancing regulatory clarity.
