XRP Treasury Evernorth files with SEC to advance Nasdaq listing plan

Evernorth Holdings, backed by Ripple executives, is advancing its plan to become the largest public XRP repository on the Nasdaq.

The company filed a filing with the SEC on Wednesday with Nasdaq-listed SPAC Armada Acquisition Corp. II. A blank check company backed by Arrington XRP Capital in connection with its proposed merger.

Evernorth aims to create a publicly traded company to provide investors with tailored treasury management strategies for exposure to XRP, including lending, decentralized financial participation and liquidity provision.

The company has raised over $1 billion from institutional and strategic investors including Ripple, Arrington Capital, SBI Holdings, Pantera Capital and Kraken to establish the largest public XRP treasury.

SBI Holdings, a Japanese financial services conglomerate with long-standing ties to the XRP ecosystem, committed $200 million.

Upon completion, expected in the first quarter of 2026, Evernorth shares will trade on Nasdaq under the ticker XPRN, subject to SEC and shareholder approval.

The regulatory environment surrounding XRP has changed after Ripple's protracted legal battle with the SEC ended in March 2026 with both the SEC and the Commodity Futures Trading Commission ruling that the token would qualify as a digital commodity rather than a security.

The classification removes a major source of uncertainty that has hampered institutional participation in the XRP markets since the SEC filed its first complaint in December 2020.

More than 300 financial institutions in 55 countries now use the XRP Ledger network for cross-border payments and settlements.

Launched in late 2024, Ripple's flagship stablecoin has grown to a $1.5 billion capitalization and accounts for more than 80% of the stablecoin supply on its balance sheet.