Ripple-Backed Evernorth Clears SEC Hurdle for Nasdaq XRP Treasury Listing
Evernorth, an XRP treasury company backed by Ripple, has cleared an SEC step toward a Nasdaq listing. Here's what's confirmed about the deal and the vote.
What Happened
Evernorth, a company built to hold XRP on a public balance sheet, received SEC clearance for its proxy filing, setting up a shareholder vote on September 30, 2026, according to CoinDesk. Evernorth plans to reach Nasdaq by merging with Armada Acquisition Corp. II, a shell company that raised capital from investors specifically to take a private business public without a traditional listing process.
What the SEC Clearance Covers
The SEC's clearance permits the proxy solicitation to proceed to a shareholder vote. It does not represent SEC approval of the merger itself or of XRP as an investment, a distinction confirmed in the same CoinDesk reporting. If shareholders approve the merger on September 30, the combined company would begin trading under the ticker XRPN.
Who's Behind It
Evernorth is backed by Ripple, the company closely associated with XRP, alongside investors including Arrington Capital, Japan's SBI Group, Pantera Capital, and GSR. Evernorth's founder and CEO, Asheesh Birla, previously ran Ripple's payments business for more than a decade before starting the company.
The Treasury Plan
Evernorth intends to launch with roughly 473 million XRP in its treasury, using additional capital to build XRP infrastructure and manage holdings with the stated goal of increasing the amount of XRP backing each share over time.
Why This Matters
This follows a pattern seen with other digital-asset treasury companies this year: publicly traded vehicles built specifically to hold a single crypto asset on their balance sheet, giving investors indirect exposure through public equity markets rather than direct token ownership. That's distinct from holding XRP directly on a platform like Bitval, where you own the asset itself rather than shares in a company that holds it. Whether Evernorth's structure proves durable depends on execution after the listing, not on the SEC clearance itself, which is a procedural step rather than an endorsement.
If you'd rather hold XRP directly and track markets like this yourself, you can check live pricing on Bitval.
This article is for informational purposes only and does not constitute financial or investment advice.
