A newly formed digital asset company is making strides toward a public listing in the United States. Evernorth Holdings has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) as part of its planned merger with a special purpose acquisition company (SPAC).
The transaction, if approved, would pave the way for Evernorth to list on the Nasdaq under the proposed ticker symbol "XPRN." Evernorth aims to become a publicly traded company offering institutional XRP exposure, built upon a regulated corporate structure.
Its core strategy involves holding and actively managing XRP through a treasury management-focused business model, aiming to bridge traditional capital markets with blockchain-based financial infrastructure. The filing of the registration statement marks a key milestone toward public trading, providing the first detailed look at its financials, leadership, and long-term strategy.
However, the registration statement is subject to SEC review and requires approval from the shareholders of Armada II, the SPAC company, for the deal to be finalized. Notably, Evernorth has secured total proceeds exceeding $1 billion from institutional and strategic investors.
According to CEO Asheesh Birla, Evernorth was established to accommodate the growing role of digital assets in global finance, combining the rigor of public markets with blockchain innovation. Existing data suggests that if the transaction is successfully completed, Evernorth could emerge as one of the largest publicly traded XRP treasury management firms, reflecting a growing institutional appetite for structured crypto exposure.
The move comes as more companies explore alternative avenues for entering the public markets through SPAC mergers, particularly within the digital asset sector, where regulatory clarity and investor demand continue to evolve.