The U.S. Securities and Exchange Commission has announced that the registration documents for Evernorth Holdings are effective, which means that this company, with XRP as its core treasury, has been approved to proceed with the merger process with Nasdaq-listed special purpose acquisition company Armada. The company disclosed that if the shareholder vote is passed on September 30th and all other conditions for delivery are met, the merged company is expected to be listed at the end of the third quarter or the beginning of the fourth quarter of this year, with the stock code proposed to be XRPNMandatory requirements:
It should be noted that the activation of the registration document does not imply that SEC approves this merger transaction, nor does it mean that regulatory authorities endorse the business model of Evernorth or the investment value of XRP. Its actual significance is that it clears the documentary obstacles for shareholder voting and subsequent listing procedures.
Planned to complete listing through SPAC.
Evernorth is adopting the SPAC merger method to enter the public market. According to the company's current arrangements, Armada shareholders need to decide by September 28 whether to redeem their shares or continue to participate in the merged listed company. If the vote is passed, the two parties will complete the business merger, and Evernorth will thereby become a publicly traded company.
The company's founder and CEO, Asheesh Birla, stated that this progress brings the proposed business merger one step closer to completion and also moves their "proactive management XRP treasury" plan forward. The company hopes to leverage the governance and information disclosure frameworks of the public market to implement a balance sheet strategy centered around XRP.
The goal is to create a publicly traded XRP treasury.
Evernorth belongs to digital asset treasury companies. The approach of these companies is to include crypto assets in their balance sheets and continue to buy more tokens through financing, rather than simply tracking the price of the coins like ETF. The Bitcoin treasury model was previously promoted by Strategy, while Evernorth's focus is entirely centered around XRP.
According to the disclosure, Evernorth plans not only to hold XRP, but also to use this portion of the treasury for DeFi earnings, validator operations, and ecological investments. If the transaction is completed, the company claims it will become the world's largest publicly traded XRP treasury company.
The disclosed supporters include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. When the company first announced its plans in October last year, it stated that it had raised over $1 billion to purchase XRP. The S-4 document submitted by the company in March this year shows that the goal is to hold at least 473 million XRP at the time of listing, which includes a portion of the Ripple related contributions that will only be credited after the merger is completed.
Floating losses on positions remain a focal point of market attention.
However, the position holding performance of Evernorth has not been easy. Reports show that the company spent approximately $947 million to buy XRP in late October last year, and by February this year, the book value of this position had decreased by about $446 million compared to the purchase cost.
XRP continued to weaken thereafter. The latest prices cited in reports show that XRP traded around $1.37 on Friday, with a intraday decline of over 5%, which is also significantly lower than the historical high of $3.65 set in July 2025.
This will directly affect the trading performance of XRPN after its listing. Digital asset treasury companies typically rely on a premium over the net value of the underlying crypto assets to finance themselves, and then use the new funds to buy more tokens. If the token price continues to decline, this premium may narrow or even disappear, which could also slow down the pace of further financing and expansion of their balance sheets.
Additional information:If it completes its listing, it will become one of the few US-based crypto treasury companies that focus on a single mainstream token and explicitly propose to actively utilize treasury assets.
