Evernorth clears SEC hurdle on path to become largest public XRP treasury vehicle

Evernorth Holdings just crossed a major regulatory checkpoint. The SEC declared the company’s Form S-4 registration statement effective on August 27, opening the door for its planned merger with Armada Acquisition Corp. II and a subsequent Nasdaq listing under the ticker XRPN.

If the deal closes as planned, Evernorth would become the largest publicly traded XRP treasury vehicle, holding at least 473 million XRP at launch.

The deal structure and who’s writing the checks

The business combination with Armada Acquisition Corp. II, a special purpose acquisition company, is expected to generate over $1 billion in gross proceeds.

The investor roster includes SBI Group, Ripple, Pantera Capital, Kraken, and GSR.