The largest public XRP treasury company backed by Ripple has filed an application with the U.S. Securities and Exchange Commission to further push its presence on the public market.
In an official statement dated March 18, 2026, Evernorth Holdings Inc. submitted Form S-4 registration, requesting to be publicly listed on the NASDAQ stock exchange market.
The company plans to become publicly traded on the Nasdaq Stock Market.
Evernorth to merge with SPAC
According to reports released on the matter, Evernorth is not looking to go through the regular route by conducting the traditional IPO in its attempts to go public. Rather, Evernorth has revealed that it is looking to merge with a special-purpose acquisition company (SPAC), Armada Acquisition Corp. II.
While the company is already listed on the Nasdaq under the ticker XRPN, the combined entity will trade publicly if the transaction is successful.
This move will see the combined entity jointly advance Evernorth’s strategy focused on providing XRP-based treasury exposure.
Due to its merger plans, the company issued Form S-4, as such filings are commonly used in mergers and business combinations and must be reviewed by the SEC before a transaction can proceed.
Notably, Evernorth’s strategy focuses on building a treasury model based on XRP. By choosing the SPAC route instead of a conventional IPO, Evernorth could potentially reach public markets faster, assuming regulatory approvals and shareholder votes are secured.
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