XRP treasury firm Evernorth Holdings filed an S-4 registration statement with the SEC. The filing marks a key step in the planned IPO via a SPAC merger with Armada Acquisition Corp. II. Once completed, Evernorth is set to trade on Nasdaq under the ticker XRPN.
The company currently holds 473 million XRP with a book value of approximately $692 million. This would make Evernorth the world's largest publicly traded XRP treasury company. Its business model follows the blueprint of Strategy, which uses Bitcoin as its primary balance sheet asset. Total proceeds from the IPO and private placements are expected to exceed $1 billion.
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SPAC structure and investors
Evernorth was incorporated in October 2025 as a Nevada Corporation. CEO Asheesh Birla previously led a team at Ripple. The leadership team includes several experienced industry veterans, among them CFO Matthew Frymier, COO Meg Nakamura, and Chief Legal Officer Jessica Jonas.
The IPO runs through a business combination with the SPAC Armada Acquisition Corp. II. It already trades on Nasdaq under the symbol AACI. Armada II's chairman is Michael Arrington, founder of Arrington Capital. The SPAC structure enables a faster IPO than a traditional listing because it bypasses the lengthy conventional bookbuilding process.
Prominent names from the crypto industry are participating in the financing. Anchor investor SBI Holdings committed $200 million. SBI has been a long-standing strategic partner of Ripple and operates SBI Ripple Asia. Additional backers include Ripple itself, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen with a personal stake. Beyond that, Ripple CEO Brad Garlinghouse, CLO Stuart Alderoty, and CTO David Schwartz serve as advisors.
Active XRP treasury management over passive exposure
Evernorth deliberately positions itself not as a passive crypto fund. Rather than simply holding XRP, the company intends to actively manage its holdings. Specifically, Evernorth pursues institutional lending, liquidity provisioning, and DeFi yield strategies on the XRP Ledger. The goal is to continuously increase XRP holdings per share.
"Evernorth is designed to offer investors more than just price exposure to XRP." - Asheesh Birla, CEO Evernorth Holdings
In January 2026, Evernorth entered a partnership with Doppler Finance, an infrastructure provider for institutional yield on the XRP Ledger. Doppler supplies the technical foundation for the yield strategies. This clearly differentiates Evernorth from an ETF approach. Investors gain not only price exposure but also potentially benefit from actively generated returns on the held tokens.
Treasury position and unrealized losses
Evernorth acquired the 473 million XRP in two tranches between October 20 and November 4, 2025. The average purchase price was $2.54 per token. At the time of the S-4 filing, XRP was trading at around $1.47, an unrealized loss of roughly 42 percent.
Earlier media reports from February 2026 cited 388 million XRP in the treasury. The difference to the current 473 million points to additional purchases in the interim. In total, the book value of the holdings amounts to approximately $692 million.
A recent regulatory development nevertheless provides tailwind. On March 18, 2026, Ripple CLO Stuart Alderoty confirmed that the SEC now classifies XRP as a "digital commodity." This classification strengthens the legal foundation for Evernorth's business model and distinguishes XRP from tokens considered securities.
Growing market for crypto treasury companies
Evernorth fits into a broader trend. The market for publicly traded companies holding crypto assets as their primary balance sheet asset is expanding. Strategy pioneered this approach with Bitcoin. Since then, similar initiatives have emerged for Ethereum, Solana, and other digital assets. Evernorth is claiming the XRP niche.
Close ties to the Ripple ecosystem are notable. Beyond the advisory roles of Garlinghouse, Alderoty, and Schwartz, the investor list also skews heavily toward Ripple. SBI Holdings, Ripple itself, and Chris Larsen are among the largest backers. At the same time, Evernorth exclusively uses the XRP Ledger for its yield strategies.
"We believe that global finance is entering a new era in which digital assets play a greater role." - Asheesh Birla, CEO Evernorth Holdings
Next steps toward the Nasdaq IPO
The S-4 filing is still under SEC review and therefore not yet effective. Evernorth originally targeted the completion of the business combination in Q1 2026. Given that the registration was only filed on March 18, closing before the end of March appears unlikely. Before the IPO is finalized, Armada II shareholders must still approve the merger.
