Ripple-Linked Evernorth Files to Go Public With $1B XRP Treasury Plan

Ripple-linked Evernorth Holdings has filed an S-4 registration statement with the U.S. Securities and Exchange Commission, moving a step closer to becoming the world’s largest publicly traded XRP treasury company.

The filing, submitted on March 18, outlines a business combination between Evernorth Holdings and Armada Acquisition Corp. II, a Cayman Islands-based special purpose acquisition company (SPAC).

The development comes on the same day the SEC and CFTC jointly released a token taxonomy explicitly naming XRP a digital commodity and non-security. This is the regulatory clarity that investors had been waiting years for.

A $1 Billion Bet on XRP Token

The transaction is expected to raise over $1 billion in gross proceeds. According to the SEC filing, Ripple Labs contributed over 126 million XRP tokens to the company in a private placement at a signing price of $2.36609, while Advance Funding Subscribers committed $214.05 million in cash plus 600,000 XRP tokens.

Evernorth already holds 388 million XRP tokens purchased at an average price of $2.44, making it the largest institutional XRP holder.

Unlike passive ETFs that simply track price, Evernorth plans to actively grow XRP per share over time through institutional lending, liquidity provisioning, and DeFi participation. This includes operating XRP validators and using Ripple’s RLUSD stablecoin as an on-ramp into XRP-based decentralised finance.

Meanwhile, RLUSD itself is gaining ground rapidly. Ripple is currently targeting a VASP licence in Brazil as RLUSD adoption accelerates across Latin American markets.

The listing also solves a structural access problem for a large class of investors. Many pension funds, endowments, and asset managers are restricted from holding digital assets directly. A Nasdaq-listed XRP treasury company effectively opens the door to that capital.

“Our focus is on combining public-market discipline with XRP blockchain-based financial infrastructure to help shape a more transparent, efficient and connected global financial system,” said Asheesh Birla, founder and CEO of Evernorth.

Upon closing, the combined company plans to trade on Nasdaq under the ticker XRPN.

XRP’s Rising Institutional Adoption

The S-4 arrives at a notable moment for the broader XRP ecosystem. The XRP Ledger recently hit a record 7.7 million holders for the first time in its 13-year history, with active addresses climbing to a five-week high of 46,767.

On the same day the filing was submitted, XRP flipped BNB to reclaim fourth place in global crypto rankings. The token was trading at $1.52 with a market cap of $93.03 billion.

Meanwhile, cumulative inflows into spot XRP ETFs have crossed $1.24 billion since launch, outpacing Solana ETFs. Evernorth’s Nasdaq listing would add another institutional vehicle to that mix.

This one goes further than an ETF by actively compounding XRP holdings over time. Whether the market rewards that ambition remains to be seen, but the filing itself signals that the institutional XRP story is only getting started. The S-4 remains subject to SEC review and shareholder approval before the merger can close.