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Evernorth, the Ripple-backed digital asset treasury company, holds more than 473 million XRP in its treasury reserves, valued at approximately $656 million, as it advances plans for a planned Nasdaq listing under the ticker XRPN.
The company is moving forward with its public-market strategy through a merger with Armada Acquisition Corp II, a SPAC sponsored by Arrington Capital. Evernorth filed a second amendment to its Form S-4 registration statement with the SEC in May 2026, adding new board appointments and further details on its XRP-focused treasury model.
Evernorth’s treasury includes more than 473 million XRP, positioning the company among the largest known institutional holders focused on the token. Based on the reported valuation of about $656 million, XRP is the central asset underpinning the company’s planned public listing.
Ripple Labs contributed 126.79 million XRP to support the deal. The transaction also includes backing from SBI Holdings, Pantera Capital, Kraken and Arrington Capital. Evernorth has raised more than $1 billion in gross proceeds, including a reported $200 million from SBI Holdings.
The structure is designed to provide a public-market pathway similar to other digital asset treasury companies that use crypto holdings as a core balance sheet component. However, Evernorth’s approach is built around XRP rather than Bitcoin.
According to the company’s stated plans, it intends to put XRP to work rather than hold the token passively. The active treasury approach may include lending, liquidity strategies and tokenization-related opportunities.
Evernorth’s latest SEC filing names Robert Kaiden, CFO of the OpenAI Foundation, and Derar Islim, COO of Antalpha, as independent directors. The appointments are intended to strengthen financial oversight, audit experience and institutional digital asset knowledge ahead of the planned Nasdaq listing.
Ripple Chief Legal Officer Stuart Alderoty is also listed as a board member, maintaining Ripple’s direct presence in Evernorth’s governance structure. Ted Janus is also part of the board.
Evernorth filed its initial Form S-4 on March 18, 2026, before submitting the second amendment in May. The filings are part of the process to complete the Armada Acquisition Corp II merger and list under XRPN.
Evernorth’s planned Nasdaq listing is intended to give investors regulated exposure to XRP without requiring them to hold tokens directly. The model is positioned to appeal to institutions, wealth managers and self-directed investors that prefer public equities over crypto wallets.
CEO Asheesh Birla, a longtime Ripple executive, has said XRP adoption and tokenization activity are rising even as market price performance has not fully reflected that growth. In a recent interview, he noted that blockchain coverage has become more common in mainstream financial media and that XRP now appears on major market tickers.
The company’s listing plan comes amid broader institutional interest in XRP. Reports cited a Goldman Sachs XRP ETF position worth $153.8 million and a NYSE Arca commodity trust filing as part of the wider market backdrop.
Evernorth still needs to complete the SPAC process and meet regulatory and exchange requirements before XRPN begins trading. Its latest filing indicates the company is expanding governance and preparing for public market review.
