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SEC Approves Evernorth for Nasdaq Listing With XRP

After SEC approval, Evernorth only needs a shareholder vote to complete the Nasdaq deal. The public vehicle wants to hold XRP on its balance sheet and actively deploy it in infrastructure.

By Zenz van der Wielen
• 2 min read
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SEC Approves Evernorth for Nasdaq Listing With XRP

Key Takeaways

  • The SEC has approved Evernorth's registration, leaving the company just one shareholder vote away from a Nasdaq listing.
  • Armada shareholders will vote on the merger on September 30; if approved, the company will continue under ticker XRPN.
  • Through a public balance sheet, Evernorth wants to hold XRP and put capital into XRP infrastructure, with Ripple as one of the investors.

The U.S. Securities and Exchange Commission has approved Evernorth's registration, leaving the crypto company just one shareholder vote away from a Nasdaq listing. The San Francisco-based company wants to become a publicly traded vehicle through a merger with Armada Acquisition Corp. II that holds XRP on its balance sheet.

Vote on September 30

Armada's shareholders will vote on the deal on September 30. If they approve it, the combined company will continue under the ticker XRPN. Evernorth expects the transaction to close at the end of September or in October, the company told CoinDesk.

Evernorth was set up to hold XRP on a public balance sheet, but the plan goes beyond just holding it. The company wants to deploy capital into XRP infrastructure and actively manage the position, with the goal of getting more XRP behind each share over time. Exactly how that should work has not been worked out yet.

Ripple and Other Investors

Ripple is one of the investors in Evernorth, alongside Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. Asheesh Birla, the founder and CEO of Evernorth, led Ripple's payments business for years before leaving. That gives the plan a clear link to one of the best-known names around XRP.

The structure fits into a broader trend in which crypto companies make their tokens visible to traditional investors through a publicly traded setup. At the same time, this kind of treasury model is getting more attention because the market value of these companies can sometimes trade above or below the value of the tokens they hold.

Why This Matters

For European crypto followers, this is especially relevant because it shows how XRP is increasingly being brought to the public market through regulated stock market structures. The SEC approval is an important signal here, although it still says nothing about the final outcome of the listing or later trading in XRPN. XRP traded around $1.41 (€1.21) on Thursday, more than 27% higher than a week earlier. That fits a broader rebound in the coin, which was also visible elsewhere in the market.

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