Evernorth Holdings has taken another step toward going public after filing an amended Form S-4 with the U.S. Securities and Exchange Commission on April 7. The filing advances the company’s planned business combination with Armada Acquisition Corp II and keeps it on track for a potential Nasdaq listing under the ticker “XRPN”, subject to regulatory approval.
The proposed transaction is designed to create what the company describes as the largest public XRP treasury. According to the filing, the deal has already been tied to more than $1 billion in gross proceeds. Still, the process is not complete. The SEC must review and comment on the registration statement, and Armada shareholders must also approve the merger before the listing can move forward.
Board Changes Add Regulatory Weight
As part of the amended filing, Evernorth nominated Stuart Alderoty, Ripple’s chief legal officer, to its board of directors. The company also named Ted Janus as a director. Alderoty’s addition is significant because of his background in crypto regulation, legal strategy, and policy matters in the United States.
His appointment aligns with Evernorth’s broader effort to position itself for institutional-scale XRP adoption. Bringing in a senior legal figure with deep experience in the digital asset sector could strengthen the company’s governance profile as it pursues public market access and expands its treasury strategy.
Backers Include SBI, Pantera, Kraken, and Ripple
Evernorth’s investor base includes SBI Holdings, Pantera Capital, and Kraken. Ripple has also contributed 126,791,458 XRP to the treasury. Together, those relationships suggest the company is building not only a balance-sheet strategy around XRP, but also a broader network of ecosystem support.
CEO Asheesh Birla, a former Ripple executive, said the firm’s approach is centered on gaining exposure to the wider XRP ecosystem rather than simply tracking the token’s price. That framing indicates Evernorth is trying to present itself as a public-market vehicle for institutional participation in XRP-related infrastructure, adoption, and ecosystem growth, not just a passive holder of the asset.
Regulatory Context Matters
The company’s latest move comes as U.S. regulatory treatment of XRP has become more defined. According to the report, authorities including the SEC and CFTC have classified XRP as a non-security digital commodity. That backdrop could prove important for a public listing strategy built around XRP reserves.
Overall, Evernorth is moving on several fronts at once: the Nasdaq path, board expansion, and the development of a large-scale XRP treasury model. If the SEC review and shareholder vote proceed smoothly, the company could emerge as one of the most prominent public-market plays focused on XRP.