Evernorth, an XRP-focused crypto treasury company, has officially launched its initial public offering (IPO) process by filing a Form S-4 application with the US Securities and Exchange Commission (SEC). The company aims to be listed on Nasdaq through a merger with Armada Acquisition Corp. II. According to the application, if the merger is completed, the new entity will operate under the name Evernorth Holdings Inc. The company plans to list Class A shares under the ticker symbol "XRPN" and warrants under the ticker symbol "XRPNW" on Nasdaq. This development is considered a significant example of a crypto-centric company's attempt to directly integrate into traditional capital markets.
A $1 billion strategy for institutional XRP treasury is underway
According to details in the application, the merger is expected to result in at least 473 million XRP on the company's balance sheet. A portion of these assets will be provided by Ripple, while a significant portion will be purchased from the open market with funds obtained from the merger. Previous information suggests that the total goal is to raise over $1 billion through this transaction. The presence of leading industry players such as Ripple, SBI Holdings, Pantera Capital, Kraken, and GSR among investors clearly demonstrates institutional interest in the project. Evernorth's business model is not limited to simply holding XRP. The company adopts a strategy aimed at generating returns by actively using XRP. Accordingly, the institution plans to generate income from its portfolio through methods such as lending, providing liquidity, and participating in DeFi applications. Running a validator on the XRP Ledger and using Ripple's RLUSD stablecoin in certain operations are also among the planned activities. CEO Asheesh Birla previously emphasized that Evernorth is not just a platform offering exposure to the XRP price. According to Birla, the company aims to combine traditional finance (TradFi) and decentralized finance (DeFi) strategies to both provide returns to its investors and contribute to the growth of the XRP ecosystem. This approach shows that crypto assets can be used within active balance sheet management, going beyond being a passive investment vehicle.
The timing is also noteworthy. The increasingly clear regulatory framework for XRP in the US has increased institutional investors' interest in this asset. The classification of XRP as a digital commodity by the SEC and the Commodity Futures Commission (CFTC) has largely eliminated long-standing uncertainties. This is a significant factor facilitating the emergence of structures like Evernorth.
On the other hand, it is known that Armada Acquisition Corp. II raised approximately $230 million with its IPO in May 2025. The merger of this SPAC structure with Evernorth also shows that crypto-focused companies are accessing alternative ways to traditional IPO processes.
According to market data, XRP ranks fourth among the largest crypto assets with a market capitalization of approximately $89.3 billion. XRP, which has risen by approximately 2.09% in the last 24 hours, is trading at $1.46. During the same period, the price was observed to fluctuate between $1.44 and $1.49.
