Ripple-Backed Evernorth to Launch XPRN XRP Treasury on Nasdaq

Evernorth Holdings, a firm backed by executives linked to Ripple, has filed a registration statement with the U.S. Securities and Exchange Commission as part of its plan to go public on Nasdaq. The proposed listing is tied to a merger with Armada Acquisition Corp. II, a special purpose acquisition company sponsored by Arrington Capital. Upon completion, the combined entity is expected to trade under the ticker XPRN, subject to regulatory and shareholder approvals.

The filing outlines Evernorth’s objective to establish a publicly traded XRP treasury company designed to provide institutional and retail investors with regulated exposure to XRP. The firm intends to deploy active treasury strategies that include lending, decentralized finance participation, and liquidity provisioning across digital asset markets.

Evernorth has secured more than $1 billion in gross proceeds from institutional investors. Participants in the funding round include Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. SBI Holdings alone has committed $200 million toward the initiative. The capital is expected to support the development of what the company describes as the largest public XRP treasury vehicle on Nasdaq.

SPAC Merger and XRP Treasury Strategy

The company’s Form S-4 filing includes a preliminary proxy statement and prospectus detailing its operational structure. According to the disclosure, Evernorth plans to manage XRP holdings within a transparent corporate framework, with reporting standards aligned to public market requirements. The SPAC transaction remains under review and has not yet been declared effective by the SEC.

If approved, the merger would position Evernorth as one of the first companies to offer direct exposure to XRP through a listed equity structure. The approach is designed to appeal to investors seeking regulated access to digital assets without holding the tokens directly.

This development follows a shift in the regulatory classification of XRP. Earlier this week, U.S. regulators, including the SEC and the Commodity Futures Trading Commission, categorized XRP as a digital commodity rather than a security. The decision marked the end of a prolonged legal dispute involving Ripple and addressed a key barrier that had limited institutional engagement with XRP markets since 2020.

XRP Regulatory Clarity and Market Adoption

The updated regulatory status has coincided with continued adoption of the XRP Ledger. More than 300 financial institutions across 55 countries are reported to use the network for cross-border payments and settlement, with daily transaction volumes reaching approximately three million.

In parallel, Ripple’s stablecoin, introduced in late 2024, has reached a market capitalization of about $1.5 billion. It accounts for a large share of stablecoin activity on the XRP Ledger, indicating growing utility within the ecosystem.

The market performance of XRP has remained mixed despite these developments. The asset recently traded near $1.46 after failing to sustain momentum above the $1.50 level. Data indicates that XRP has remained below the $1.8 price zone since January 2026, a level that previously acted as support and now serves as resistance.

XRP/USD 1-day price chart | Source: X

Technical analysis referenced by market observers shows a pattern of lower highs and lower lows since late 2025. Analysts note that reclaiming the $1.8 level would be required to shift the current trend, while failure to do so could expose the asset to a range between $1.2 and $1.3, which has historically acted as a support zone.