Evernorth Advances Nasdaq Plans, Files SEC S-4 for XRP Treasury Deal

Table of Contents Evernorth has made progress in its goal of becoming a publicly traded company. On April 7, 2026, the firm filed an amendment to its Form S-4 registration with the U.S. Securities and Exchange Commission (SEC). This filing supports the company’s plan to merge with Armada Acquisition Corp. II and list on Nasdaq under the ticker XRPN. Evernorth’s amended filing outlines a detailed merger process involving Armada Acquisition Corp. II and Pathfinder Digital Assets. This merger will lead to the formation of a publicly traded company, with shares and warrants issued to the current stakeholders. According to the filing, the transaction sets a $10 reference price, giving a valuation of around $230 million for public shareholders alone. Institutional investors and public shareholders will hold equity in the newly formed entity. The filing shows how public market investors can gain exposure to XRP through the company’s equity. The new entity’s shares will list on Nasdaq under the ticker XRPN, giving investors access to a unique way of participating in the XRP market. Ripple Labs has played a central role in this transaction, contributing 126.79 million XRP tokens to Evernorth. This XRP contribution, which is tied to the market price of XRP at the time of signing, forms a crucial part of the deal. Ripple’s chairman, Chris Larsen, has also contributed additional XRP, further anchoring the deal. In return for their XRP contribution, Ripple and its chairman will receive equity units in Evernorth. The amount of XRP transferred will be adjusted based on the market price at the time of the transaction’s closing. This agreement underscores Ripple’s strategic interest in the growing institutional adoption of XRP within the public financial markets. The filing also reveals that institutional and accredited investors have committed substantial funds to the deal. The advance funding agreement includes $214 million in cash, along with a contribution of 600,000 XRP tokens. An additional $10.5 million and 200,000 XRP will be added in delayed funding, converting into equity at the $10 share price. These investments not only bolster Evernorth’s financial position but also deepen the involvement of institutional players in the XRP ecosystem. The hybrid model, combining both equity and XRP exposure, allows investors to gain a more structured way of accessing the digital asset. This development highlights an increasing demand for institutional-grade investment opportunities within the XRP space. Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.