The U.S. Securities and Exchange Commission has cleared the registration for Evernorth, an XRP-focused treasury company seeking to list on Nasdaq.
Evernorth is merging with special purpose acquisition company Armada Acquisition Corp. II, with shareholders scheduled to vote on the deal on Sept. 30. If approved, the combined company is expected to trade on Nasdaq under the ticker XRPN.
Major investors include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. Evernorth was founded by Asheesh Birla, who previously led Ripple’s payments business for more than a decade.
Unlike traditional crypto treasury companies that primarily buy and hold tokens, Evernorth says it plans to deploy capital into XRP infrastructure and actively manage its holdings with the goal of increasing the amount of XRP backing each share over time.
The model still carries risks, as crypto treasury stocks can trade at premiums or discounts to the value of their underlying holdings, potentially limiting their ability to raise additional capital.
XRP traded near $1.41, up more than 27% over the past week. $XRP
Evernorth is merging with special purpose acquisition company Armada Acquisition Corp. II, with shareholders scheduled to vote on the deal on Sept. 30. If approved, the combined company is expected to trade on Nasdaq under the ticker XRPN.
Major investors include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. Evernorth was founded by Asheesh Birla, who previously led Ripple’s payments business for more than a decade.
Unlike traditional crypto treasury companies that primarily buy and hold tokens, Evernorth says it plans to deploy capital into XRP infrastructure and actively manage its holdings with the goal of increasing the amount of XRP backing each share over time.
The model still carries risks, as crypto treasury stocks can trade at premiums or discounts to the value of their underlying holdings, potentially limiting their ability to raise additional capital.
XRP traded near $1.41, up more than 27% over the past week. $XRP