Fri March 20, 2026 ▪
5
min read ▪ by
Evernorth has reached a key milestone in its listing project. By filing a Form S-4 with the SEC as part of the merger with Armada Acquisition Corp. II company reveals its strategy around XRP tested in public markets. So Evernorth’s goal is to make XRP a structuring asset in a listed instrument aimed at institutional investors.
In short
- Evernorth has passed a major regulatory milestone by filing an S-4 with the SEC as part of its merger with Armada Acquisition Corp. II with the aim of obtaining a listing on Nasdaq.
- The operation marks an expansion for the company as it seeks to inscribe its strategy around XRP within public markets and institutional investors.
- The filing also reveals the scale of the project, with more than one billion dollars raised and an initial reserve of several hundred million XRP expected.
- Evernorth doesn’t just want to hold XRP, but actively manage it through a strategy combining accumulation, yield and ecosystem deployment.
The S-4 filing brings Evernorth closer to the list
Evernorth announced a public filing of Form S-4 with the SEC as part of its merger with Armada Acquisition Corp. II, a SPAC already listed on Nasdaq, while XRP becomes the 4th.Thursday largest crypto by market cap. This step gives the project a new dimension, as it is no longer just a strategic talk around XRP, but a structured operation aimed at entering the public markets.
In a statement, Asheesh Birla, founder and CEO of Evernorth, says: “We believe that global finance is entering a new phase where cryptocurrencies will play an increasingly important role in the way capital is held, managed and deployed”. He adds that the company wants to combine “demands specific to stock markets” and the financial infrastructure built around the XRP blockchain.
The published filing remains a regulatory step at this stage, not the conclusion of the process. Evernorth specifies that the document has not yet been declared effective by the SEC and that the merger must still be approved by Armada II shareholders, among other customary closing conditions.
The company also makes a strong case to justify the attention given to this operation. It claims to have raised more than one billion dollars in gross revenue to build what it presents as the future largest Nasdaq-listed XRP treasury company.
- The S-4 filing was announced on March 18;
- The transaction involves a merger between Evernorth and Armada Acquisition Corp. II;
- Evernorth says it intends to access Nasdaq at the end of the process, subject to required approvals;
- The statement lists Arrington Capital, Ripple, SBI Holdings, Pantera Capital and Kraken as backers;
- Michael Arrington describes Evernorth as “key entry point to capital markets” ;
- The symbol listed for the combined company is “XPRN”subject to Nasdaq approval.
An active XRP treasury, not just a token supply
Interest in filing is not limited to future enrollment. According to elements reported from S-4, Evernorth expects to start with at least 473 million XRP worth around $685 million.
The composition of this block sheds light on the structure of the deal: about 211 million XRP would come from Arrington Capital, almost 127 million XRP would be contributed by Ripple after the deal closed, while around 84 million
Evernorth doesn’t describe itself as just an XRP vault. The statement even states that the company intends to grow its XRP through a combination of institutional strategies, DeFi revenue, ecosystem participation and market activities. Four pillars are highlighted: XRP accumulation, active management, revenue generation through decentralized funding, and exploration of international expansion opportunities with an initial focus on Japan and South Korea.
With this SEC filing, Evernorth seeks to give XRP a more visible place in listed markets. What comes next will depend on both the regulatory framework and the group’s ability to persuade in an environment where the price of XRP remains a closely watched indicator.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed myself to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. I strive every day to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations, and put into perspective the economic and social issues of this ongoing revolution.
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