Evernorth, the Ripple-backed XRP treasury firm, has filed a second amendment to its Form S-4 with the SEC, moving closer to its planned Nasdaq debut under the ticker XRPN. The listing will occur through a merger with Armada Acquisition Corp II. The company already holds over 473 million XRP, worth approximately $656 million, and has raised over $1 billion in proceeds converted into XRP treasury holdings.
Evernorth's journey to Wall Street has been methodical. The company first announced its plans in October 2025, followed by an initial S-4 filing in mid-March 2026, Amendment No. 1 in early April, and now this latest update signaling the process is entering its final stretch. Final SEC clearance and a shareholder vote remain as the last hurdles before XRPN can begin trading on Nasdaq.
In a parallel move, Evernorth has named Robert Kaiden, CFO of the OpenAI Foundation, as a board nominee. Kaiden signed a consent dated April 27 to be named in Evernorth's registration statement as a director nominee. Derar Islim also signed the same consent on the same date. The board additions come as Evernorth seeks shareholder approval for the broader SPAC transaction.
CEO Asheesh Birla framed the strategy in broader capital-markets terms: 'We believe global finance is entering a new era with digital assets playing a larger role in how capital is held, managed and deployed. Evernorth is being built to participate in that evolution.'
Evernorth's treasury model is designed to provide 'simple, liquid, and transparent exposure to XRP' through a publicly listed vehicle, while also seeking to grow XRP per share over time through institutional lending, liquidity provisioning, and DeFi yield opportunities. The company has said the transaction is expected to raise more than $1 billion in gross proceeds, with institutional and strategic investors including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
