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XRP & Crypto Markets News
Evernorth Holdings is moving closer to a public stock market debut after the US Securities and Exchange Commission declared its Form S-4 registration statement effective. The registration covers a planned merger between Evernorth and Armada Acquisition Corp. II, a special purpose acquisition company, through which Evernorth intends to list on the Nasdaq.
Evernorth describes itself as a digital asset treasury company built to give public market investors regulated exposure to XRP (XRP). The company also says it deploys capital into XRP-based infrastructure and manages treasury strategies designed to grow its XRP-per-share value over time.
Asheesh Birla, Evernorth’s founder and CEO, said the company is entering public markets as blockchain utility expands and institutional finance moves increasingly on-chain. He framed Evernorth’s purpose as accelerating XRP’s role in that shift.
Merger Terms and Investor Backing
The S-4 registers up to 34,499,992 shares of Evernorth Class A common stock and 11,499,992 warrants to be issued through the business combination. If the merger closes, the combined company is expected to trade on the Nasdaq under the ticker XRPN.
Evernorth counts Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR among its investors. The SPAC merger is expected to close in late Q3 or early Q4 2026, pending shareholder approval.
Related Article: XRP Agentic Transactions Could Hit 100M, RippleX Says
XRP’s Market Position
XRP is the fifth-largest cryptocurrency by market capitalization, currently valued at $91.6 billion. The token was trading at $1.46 at the time of the announcement, up 4% over the prior 24 hours.
The SEC’s declaration makes the registration effective but does not guarantee that the merger will close. Final completion still requires a shareholder vote and the satisfaction of standard closing conditions.
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Source: coinmarketcap.com