Ripple-Linked Evernorth Files S-4 to Launch XRP Treasury Firm

• Evernorth filed for a Nasdaq listing via SPAC, targeting over $1B in proceeds and XRPN ticker.
• The firm holds hundreds of millions of XRP and plans active strategies beyond passive exposure.
• The move follows regulatory clarity classifying XRP as a digital commodity.

Evernorth Holdings filed an S-4 with the U.S. Securities and Exchange Commission on March 18, advancing plans to go public. The filing outlines a merger with Armada Acquisition Corp. II. The move follows fresh regulatory clarity after agencies classified XRP as a digital commodity.

Deal Structure and Billion-Dollar Raise

The proposed business combination aims to raise more than $1 billion in gross proceeds. According to the filing, Ripple Labs contributed over 126 million XRP tokens. These were priced at $2.36609 during the private placement.

In addition, Advance Funding Subscribers committed $214.05 million in cash alongside 600,000 XRP tokens. Meanwhile, Evernorth already holds 388 million XRP tokens. These were acquired at an average price of $2.44.

This structure positions the firm as a major institutional holder of XRP. The company plans to list on Nasdaq under the ticker XRPN once approvals are complete.

Strategy Beyond Passive Exposure

Unlike traditional exchange-traded funds, Evernorth intends to actively manage its XRP holdings. The company plans to grow XRP per share through lending and liquidity strategies. It also aims to participate in decentralized finance activities.

These include operating validators and integrating RLUSD into its ecosystem. At the same time, Ripple continues efforts to expand RLUSD adoption. The firm is targeting a virtual asset service provider license in Brazil. This push aligns with growing use across Latin America.

Institutional Access and Market Context

The structure addresses access limits faced by institutional investors. Pension funds and asset managers often cannot hold digital assets directly. A public listing offers an alternative route.

Asheesh Birla said the company aims to combine public market discipline with blockchain infrastructure. Meanwhile, XRP adoption continues to expand. The XRP Ledger reached 7.7 million holders, while active addresses climbed to 46,767.

On the same day, XRP overtook BNB in market rankings. It traded at $1.52 with a $93.03 billion market value. The filing remains under SEC review and requires shareholder approval before completion.