Evernorth Edges Closer to Nasdaq Listing Under XRP Ticker

Evernorth has taken another step closer to listing on Nasdaq under the ticker XRPN by filing a new Form S-4. The company plans to merge with Armada Acquisition Corp II (NASDAQ: AACI) and use its large XRP treasury for yield strategies.

Ashish Birla, CEO of EvernorthXRP, spoke about the plan at a live event in Las Vegas. He said that the company wants to give investors stock-style access to XRP through XRPN, allowing them to buy shares in a company tied to XRP rather than buying the token directly.

The setup is similar to Strategy Inc.'s (NASDAQ: MSTR) Bitcoin treasury model, but Evernorth is not planning to sit still and hope for price gains. Instead, the company wants to use part of its XRP pile in yield strategies over time, earning more than just any future price gain from the token.

Evernorth's plan is aimed at large investors who want crypto access through a regulated stock, rather than direct custody. Ashish believes that this structure is suitable for institutions that prefer equity-based crypto exposure and points to stronger demand for products such as crypto ETFs and tokenized assets.