Evernorth has filed a Form S-4 with the U.S. Securities and Exchange Commission, moving its planned Nasdaq listing closer to the final stage. The filing is tied to Evernorth’s merger with Armada Acquisition Corp. II, which the company first announced in October 2025. If the SEC declares the filing effective and shareholders approve the merger, Evernorth plans to trade on Nasdaq under the ticker XRPN.
The XRP treasury company said this filing is a major step in its public market plan. The registration statement includes a preliminary proxy statement for Armada II and a prospectus for Evernorth. Therefore, the company has now moved from earlier merger planning to a public SEC filing stage.
The deal is also tied to Evernorth’s plan to build a large XRP treasury. Earlier transaction materials said the merger was expected to bring in about $1 billion in gross proceeds. Most of that amount was set aside for building the company’s XRP balance, while the rest was meant for deal and operating costs.
Evernorth XRP Treasury Already Holds Hundreds of Millions in XRP
Evernorth has already built a large position before its expected Nasdaq listing. Public treasury data from CoinGecko shows the company holds about 473.27 million XRP. At current market levels, that stash is worth roughly $693 million.
That large XRP holdings position has also faced pressure from the recent market decline. Coverage of the filing said Evernorth bought XRP in two tranches between Oct. 20 and Nov. 4 at an average cost of $2.54 per token. At the time of that report, XRP traded near $1.47, leaving the treasury below its average entry price.
Still, the size of the treasury shows what Evernorth is trying to build. The company is positioning itself as a public vehicle centered on XRP. As a result, the value of its treasury remains one of the most important figures in the merger story.
SEC Filing and XRP Commodity Clarity Put XRPN in Focus
The timing of the SEC filing also matters because it came just after new SEC guidance on crypto assets. On March 17, 2026, the SEC said it had clarified how federal securities laws apply to crypto assets. The agency outlined categories including digital commodities and digital securities.
Market reports linked that guidance to XRP, which was included in examples of digital commodities. That gave Evernorth’s XRP treasury plan a clearer regulatory backdrop as it moves through the public listing process. Reuters also reported that the SEC issued long-awaited crypto guidance that clarified which assets fall under securities law and which do not.
Ripple Chief Legal Officer Stuart Alderoty reacted on X after the guidance was published. He wrote: “We always knew XRP wasn’t a security – and now the @SECGov has made clear what it is: a digital commodity. Grateful to the Crypto Task Force for working to deliver the clarity that markets, investors, and innovators have long deserved.”
Nasdaq Listing Still Needs SEC and Shareholder Approval
Even after the Form S-4 filing, Evernorth still needs more approvals before the Nasdaq listing can happen. First, the SEC must review and declare the registration statement effective. After that, shareholders of Armada Acquisition Corp. II must approve the merger. Only then can the combined company move toward trading as XRPN.
So far, the filing marks progress, but not completion. Evernorth has reached a key stage in its public listing effort. However, the merger still depends on the remaining regulatory and shareholder steps.
At the same time, the company’s large XRP holdings, its planned Nasdaq listing, and the SEC’s latest crypto guidance have kept Evernorth in focus. For now, the next stage depends on the SEC review and the final vote tied to the merger with Armada Acquisition Corp. II.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: March 19, 2026 • 🕓 Last updated: March 19, 2026
