Evernorth Holdings, a company backed by executives associated with Ripple, has submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) to go public on Nasdaq through a merger with special purpose acquisition company (SPAC) Armada Acquisition Corp. II. Upon completion of the merger, the new entity is expected to trade under the ticker XPRN, pending approval from regulators and shareholders.
Evernorth has raised over $1 billion in total proceeds from institutional investors. Participants in this funding round include Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. Notably, SBI Holdings has committed $200 million to this initiative. This funding will support the company in creating the largest publicly available XRP wealth management tool on Nasdaq.
SPAC Merger and XRP Wealth Strategy
The S-4 form submitted by the company includes preliminary proxy statements and prospectuses that detail its operational structure. According to the disclosures, Evernorth plans to manage its XRP holdings within a transparent corporate framework and adhere to public market reporting standards. The SPAC transaction is currently under review and has not yet received a formal effectiveness statement from the SEC.
If approved, this merger will make Evernorth one of the first companies to provide direct exposure to XRP through a publicly traded stock structure. This move aims to attract investors seeking compliant digital asset investment channels without the need to hold the tokens directly.
This development is closely tied to the regulatory classification changes for XRP. Previously, U.S. regulators, including the SEC and the Commodity Futures Trading Commission (CFTC), classified XRP as a digital commodity rather than a security. This ruling marks the end of Ripple's years-long legal disputes and removes a key barrier that has restricted institutional participation in the XRP market since 2020.
XRP Regulatory Clarity and Market Adoption
The update on regulatory status coincides with the ongoing adoption of the XRP Ledger. Reports indicate that over 300 financial institutions across 55 countries are using the network for cross-border payments and settlements, with an average daily transaction volume of approximately three million.
Meanwhile, Ripple's stablecoin, set to launch by the end of 2024, has reached a market capitalization of around $1.5 billion, capturing a significant share of stablecoin activity on the XRP Ledger, showcasing the growing utility within its ecosystem.
Despite these advancements, XRP's market performance remains volatile. The asset recently traded near $1.46 after failing to maintain momentum above $1.50. Data shows that XRP has not broken through the $1.8 region since January 2026, which has shifted from a support level to a resistance level. Market observers cite technical analysis indicating that XRP has exhibited a pattern of lower highs and lower lows since the end of 2020.