Evernorth has filed to go public via a SPAC merger, aiming to create a Nasdaq-listed vehicle offering institutional exposure to XRP as US regulators move to classify the token as a digital commodity.
Evernorth Files for Nasdaq Listing to Build $1bn XRP Treasury
19 March 2026 - 13:20 CET
By Matt Neill
The company said it has submitted a Form S-4 registration statement to the US Securities and Exchange Commission (SEC) in connection with its proposed business combination with Armada Acquisition Corp. II.
The filing follows the SEC’s decision earlier this week to place XRP outside the purview of securities laws, grouping it with digital commodities and shifting oversight to a commodities-based framework. This move could significantly broaden institutional access to the asset.
XRP institutional push
Evernorth plans to hold and actively manage XRP on its balance sheet through a regulated corporate structure designed to provide transparent public market exposure.
The company noted in an 18 Mar announcement it has raised more than $1bn in gross proceeds and expects to become the largest public XRP treasury on Nasdaq, backed by Arrington Capital, Ripple, SBI Holdings, Pantera Capital and Kraken.
The group’s links to the XRP ecosystem run deep. Ripple's chief executive Brad Garlinghouse and chief technology officer David Schwartz are listed as advisers, reinforcing the firm's position within the network’s institutional layer.
XRP’s market position has also strengthened. The token has risen to become the third-largest crypto asset excluding stablecoins, overtaking BNB with derivatives activity and institutional flows increasingly shaping price dynamics.
Ripple itself is evolving into financial infrastructure, supported by a $750mn share buyback that implies a $50bn valuation and by the rapid growth of its RLUSD stablecoin, which has surpassed $1.5bn in market capitalization.
Public market structure targets crypto access
Evernorth’s structure reflects a broader shift to wrap digital assets in regulated equity vehicles as firms look to bridge traditional finance and blockchain-based markets.
The model offers investors exposure to XRP through a listed company rather than direct token ownership, aligning with growing demand for compliant access points after the SEC moved to leave most tokens beyond securities laws.
If completed, the transaction would see Evernorth list on Nasdaq under the ticker XPRN, subject to regulatory approval and shareholder consent.
