In major XRP news today, Evernorth Holdings received approval from the US SEC for the proposed merger with Armada Acquisition Corp II and listing on Nasdaq. The Ripple-backed firm is one step closer to launching its proposed XRP treasury, with XRP already rallying.
SEC Declares Ripple-Backed XRP Treasury Evernorth’s S-4 Effective
Evernorth Holdings announced that the U.S. SEC has approved the registration statement on Form S-4 relating to the proposed business combination with Armada.
“Today marks an important milestone toward completing our proposed business combination,” said Asheesh Birla, CEO of Evernorth. He added that “we are one step closer to delivering on our vision” of building an actively managed XRP treasury.
Armada Acquisition Corp II shareholders need to approve the proposed business combination in a vote on Sept 30, 2026. If approved, the combined company will trade under the ticker “XRPN” on Nasdaq.
The XRP treasury will participate in the ecosystem by allocating its capital to XRP-based infrastructure and deploying strategies to grow XRP per share over time. The Ripple-backed firm will work in various areas including tokenization, XRP Ledger, and providing liquidity to assets including RLUSD.
“We believe institutional finance will increasingly be built on-chain. Evernorth is designed to accelerate XRP’s role in that work,” CEO Asheesh Birla added.
Investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR, among others. As CoinGape reported earlier, Ripple-backed Evernorth strengthened public investors’ positioning as it advances toward a Nasdaq listing.
XRPN Stock and XRP Price Jump
Armada Acquisition Corp II’s XRPN stock price continued upside momentum despite this year’s XRP price drops and Clarity Act delays. XRPN stock jumped after the SEC approved Evernorth’s merger and closed at $10.55 on Thursday.
XRPN stock is up almost 3.50% year-to-date as investors await Armada Acquisition Corp’s stockholders’ vote on the merger with Evernorth Holdings. Nasdaq-listed stock surged more than 1% over the past month.
Meanwhile, XRP price also jumped more than 3% to $1.46 amid treasury news. The 24-hour low and high are $1.40 and 1.47, respectively. XRP price rallied 50% within a week after CoinGape reported that Goldman Sachs re-entered XRP ETFs and became the largest holder again.
Trading volume has dropped by 7% over the last 24 hours ahead of crypto options expiry. However, institutions are increasing exposure via XRP ETFs. On Thursday, XRP ETFs saw $18.47 million in inflows, extending total inflows to $1.64 billion.
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