SummaryThe Securities and Exchange Commission cleared Evernorth’s registration, leaving a Sept. 30 shareholder vote before its merger with Armada Acquisition Corp. II and planned Nasdaq listing under the ticker XRPN.Backed by Ripple and other major crypto investors, Evernorth plans to hold XRP, invest in its infrastructure and seek to increase the amount of XRP backing each share over time.The strategy carries risks because cryptocurrency treasury companies can trade below the value of their token reserves, limiting their ability to raise money through new shares.The Securities and Exchange Commission has cleared the registration for Evernorth, a San Francisco company set up to hold XRP on a public balance sheet, leaving one shareholder vote before it can list on Nasdaq.Evernorth is merging with Armada Acquisition Corp. II, a shell company that raised money from investors to buy a private business and take it public without a traditional listing. Armada's shareholders vote on Sept. 30, and the combined company would trade as XRPN. Evernorth expects the deal to close in late September or October, the company shared with CoinDesk.Ripple, the company closely linked to XRP and holds a large share of the supply, is an investor in Evernorth alongside Arrington Capital, Japan's SBI Group, Pantera Capital, Kraken and GSR. Asheesh Birla, Evernorth's founder and chief executive, ran Ripple's payments business for over a decade before leaving.Companies that put a single cryptocurrency on their balance sheet have generally bought and held, following the model Strategy established with bitcoin. But Evernorth intends to put capital into XRP infrastructure and manage the holdings to increase the amount of XRP behind each share over time, though the announcement does not say how.The structure has drawn scrutiny elsewhere in the market. Treasury companies trade at a premium or discount to the value of the tokens they hold, and several bitcoin holders have spent recent months below the value of their own reserves, which removes the ability to raise money by issuing shares.XRP traded near $1.41 on Thursday, up over 27% on the week.12345678910Anvil: The Missing Collateral LayerAnvil: The Missing Collateral LayerAnvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Jul 29, 2026Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Why it matters:Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.View Full Report