XRP-focused treasury firm Evernorth Holdings is preparing for a Nasdaq debut, backed by at least 473 million XRP worth approximately $685 million, according to an S-4 filing submitted to the SEC on Wednesday.
Evernorth Locks In XRPN Ticker for Planned Nasdaq Listing
The company, bolstered by a significant XRP contribution from Ripple—the payments firm built around the asset—has raised over $1 billion to build its XRP holdings.
“We believe global finance is entering a new era with digital assets playing a larger role in how capital is held, managed, and deployed,” Evernorth founder and CEO Asheesh Birla said in a statement. Our focus is on combining public-market discipline with XRP blockchain-based financial infrastructure to help shape a more transparent, efficient, and connected global financial system.”
First unveiled in October, the company’s path to going public will be through a merger between Evernorth and Armada Acquisition Corp. II, a special purpose acquisition company backed by Arrington Capital.
The filing on Wednesday indicates that, following the merger, the combined company will operate as Evernorth Holdings Inc. and is expected to trade on the Nasdaq under the ticker XRPN for its Class A shares and XRPNW for its warrants.
 
According to the S-4 filing, the firm’s XRP holdings—valued at roughly $324 million below the $1 billion it raised—were accumulated through multiple agreements.
The largest portion, about 211 million XRP, is being provided by Arrington Capital under an advanced funding subscription deal. An additional nearly 127 million XRP is set to come from Ripple once the merger is finalized, while roughly 84 million XRP was acquired using $214 million in advanced funding at an average price of $2.53.
473 Million XRP Treasury Takes a Hit
The value of Evernorth’s purchased XRP batch has nearly halved amid a wider market downturn. With the price of XRP now trading around $1.45, Evernorth’s stash is now worth around $122 million.
Despite the decline, the firm maintains that the public listing offers “an attractive entry valuation” for investors looking to gain XRP exposure.
“The SPAC Board believes that [Evernorth] provides an attractive entry valuation (calculated as a multiple to NAV to XRP,” the filing states.
Evernorth’s operations revolve around four core pillars: acquiring XRP, actively managing the token, generating yield via lending and liquidity provision, and pursuing international growth, initially targeting Japan and South Korea.
“Our core strategy begins with our efforts to acquire, hold, and actively manage a treasury focused on XRP,” the firm said in the S-4.
XRP has slipped about 0.3% over the past 24 hours and is currently trading roughly 60% below its July all-time high of $3.65. Earlier this week, the token overtook BNB to reclaim the position of the fourth-largest cryptocurrency by market capitalization.
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