Evernorth, a company specializing in managing XRP-based financial infrastructure, has submitted a Form S-4 registration statement to the US Securities and Exchange Commission (SEC). This move marks an important step towards the firm's planned listing on Nasdaq.
The proposed deal between Evernorth and Armada Acquisition Corp II is expected to raise over $1 billion in proceeds. A significant portion of these funds will be allocated towards building out a large-scale XRP treasury strategy, positioning Evernorth as one of the largest public XRP treasury companies globally.
Evernorth has already begun accumulating XRP, with approximately 473 million XRP held at press time, valued at around $692 million. However, its holdings have experienced a decline in value due to the broader crypto market downturn and XRP's recent price drop.