Evernorth Holdings, the XRP digital asset treasury firm backed by Ripple filed with the U.S. Securities and Exchange Commission on Wednesday to list its shares on the Nasdaq through a proposed merger with Armada Acquisition Corp. II (Nasdaq: AACI), a special purpose acquisition company (SPAC).
The merger is expected raise over $1 billion in gross proceeds, funds the company says will be used to further scale its XRP treasury.
Led by CEO Asheesh Birla, a former senior executive at Ripple, Evernorth says it plans to provide a structure for investors looking for exposure to XRP (CRYPTO: $XRP).
• Ripple, The Company Behind XRP, Is Valued At $50 Billion
The company noted that its model involves actively managing its treasury to grow its XRP per share through a combination of open-market purchases and on-chain yield strategies.
"We believe global finance is entering a new era with digital assets playing a larger role in how capital is held, managed and deployed," said Birla in the company’s public filing. "Evernorth is being built to participate in that evolution. Our focus is on combining public-market discipline with XRP blockchain-based financial infrastructure."
Prior to the filing, the venture saw significant backing from institutional investors including SBI Holdings, which invested $200 million alongside Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
Ripple Labs remains a strategic investor, with executives Brad Garlinghouse, Stuart Alderoty and David Schwartz serving as strategic advisors.
The company also said it plans to operate its own validators within the XRP Ledger (XRPL) ecosystem and integrate Ripple’s RLUSD (CRYPTO: $RLUSD) stablecoin to facilitate transactions and institutional lending.
The filing comes one day after the SEC formally classified XRP as a digital commodity in its new crypto asset taxonomy, effectively ending years of legal debate over the token's status as a security.
?“We always knew XRP wasn't a security - and now the SEC 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,” said Ripple’s chief legal officer, Stuart Alderoty in a social media post earlier this week.
The company plans to trade under the ticker symbol XRPN.