Evernorth Holdings announced that the U.S. Securities and Exchange Commission (SEC) has declared its registration statement effective, bringing XRP one step closer to a Nasdaq listing as crypto assets face increased scrutiny on public investment markets.
This event opens up another potential regulated avenue for those seeking access to $XRP, and also serves as a test of the ability of Digital Asset Treasury (DAT) companies to withstand a sharp market downturn.
Evernorth published its announcement at 5:04 PM Eastern Time on August 27, 2026. By 10:30 PM Eastern Time the same day, when The Block published its report, $XRP was trading at $1.46, up 4% over 24 hours, with a market capitalization of approximately $91.6 billion.
A Regulated Wrapper for Accessing $XRP
Evernorth aims to position itself as a public market option for institutional investors interested in accessing $XRP without needing to invest directly in $XRP. Additionally, it intends to invest in $XRP infrastructure and employ treasury management methods aimed at increasing the amount of $XRP per share.
As stated in the August 27th announcement by Evernorth Founder and CEO Ashish Birla, the company's plan is to "go public as blockchain utility grows, and we believe institutional finance will increasingly be built on blockchain." He added that the company is "positioned to accelerate XRP's role in this work."
This allows Evernorth to join a growing pool of companies. The first Galaxy study identified 105 firms operating DAT tokens, trading 13 types of tokens. By April 2026, the number of tokens in DAT portfolios had increased to 27.
The XRP-focused company, backed by Ripple, will develop this concept by providing investors access to the token, traded primarily on spot and futures markets, and more recently through Exchange-Traded Funds (ETFs).
Details of the Armada SPAC Merger
Evernorth's entry onto Nasdaq is being carried out via Armada Acquisition Corp. II, a Cayman Islands-registered special purpose acquisition company. The parties signed a merger and acquisition agreement on October 19, 2025, with Ripple Labs also listed as a party.
As a result of the deal, Pathfinder Digital Assets will become part of a holding company registered in Nevada. Documents filed with the SEC cover up to 34,499,992 Class A shares and warrants to purchase up to 11,499,992 shares.
If shareholders approve the deal and it is completed, the combined company is expected to trade on Nasdaq under the ticker XRPN. Investors in Evernorth include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.
Why the Timing Seems Uncertain
The deal is moving forward just as enthusiasm for public treasury companies has waned.
Galaxy analysts pointed out in April that the "era of permanent investment is over," noting that the market capitalization to net asset value ratio had fallen to 1, and companies are selling cryptocurrency to finance buybacks. ETHZilla sold $ETH worth $40 million to fund a buyback, while the French company Sequans sold some BTC to pay down its debts.
Evernorth has already felt this pressure. Cryptopolitan reported on November 8, 2025, that the company had accumulated approximately $78 million in unrealized losses soon after establishing its $XRP position. The same report mentioned an estimated $17 billion in losses for retail investors related to trades with DAT-holding companies.
This is why Evernorth's achievement is so significant for the entire crypto market. The SEC's declaration of effectiveness removes a hurdle regarding registration and disclosure; it is not an endorsement of Evernorth, $XRP, or the DAT model.
A more important criterion is whether investors will maintain interest in single-token treasury companies after narrowing premiums, share buybacks, and forced asset sales have dampened the initial market momentum.
What Needs to Happen Next?
The deal is not yet complete. A vote on the business combination is scheduled for September 30, 2026, while Evernorth expects the deal to close in late Q3 or early Q4 2026, subject to shareholder approval and other closing conditions.
An important distinction also lies in the ticker. Armada's Class A shares are already trading on Nasdaq under XRPN. What remains unclear is the completion of the merger and the transition to the combined Evernorth company, not the first appearance of this ticker on Nasdaq.
