Evernorth, a treasury firm focused on XRP, has officially filed with the U.S. Securities and Exchange Commission (SEC) for a listing on the Nasdaq. Previously, Evernorth stated its intention to enhance shareholder value per share through a strategy centered on institutional lending, liquidity provision, and decentralized finance (DeFi News) yield opportunities.
According to the latest filing disclosures, Evernorth anticipates trading under the ticker symbol XRPN, pending SEC approval of the registration. However, the listing still requires final approval from Armada II shareholders for the proposed merger.
In a statement, Evernorth CEO Asheesh Birla said, "We believe global finance is entering a new era where digital assets will play a more significant role in how capital is held, managed, and deployed globally. Evernorth was built to participate in this evolution. Our focus is on combining the discipline of public markets with the financial infrastructure built on the XRP ledger to help shape a more transparent, efficient, and interconnected global financial system."
Evernorth plans to leverage the funds raised from this transaction to build what it aims to be the largest XRP treasury company listed on the Nasdaq.
Notably, Evernorth's holdings have seen a decline of over 19% from their average cost basis due to the broader downturn in the cryptocurrency market. During this period, the price of XRP has also fallen below key support levels, experiencing a nearly 4% drop in the past 24 hours.
Beyond Evernorth, other XRP treasury companies are also actively developing. For instance, Japanese financial giant SBI Holdings is among the largest corporate holders, maintaining substantial strategic reserves to support its cross-border payment operations.