- XRP DAT Evernorth and Armada move closer to their business combination for a Nasdaq listing under the ticker “XRPN.”
- Evernorth currently holds 473 million XRP, which it plans to manage and deploy across various active strategies.
Evernorth Holdings Inc., a digital asset treasury (DAT) company focused on XRP, has advanced its regulatory filing with the US Securities and Exchange Commission (SEC), positioning it for a public listing at Nasdaq. On Thursday, it declared its Form S-4 registration statement for a business combination with Armada Acquisition Corp. II “effective.”
Evernorth and Armada Take a Step Closer to IPO
Armada is a special purpose acquisition (SPAC) company sponsored by XRP Capital Fund, LP, a digital asset and venture capital fund operating as part of Arrington Capital. Under the business combination, Evernorth intends to establish an actively managed corporate treasury vehicle centered on the XRP ecosystem.
The registration statement’s effectiveness greenlights a shareholder vote on September 30 on the Armada-Evernorth transaction. If approved, the combined company will be listed on Nasdaq under the ticker “XRPN.”
“Today marks an important milestone toward completing our proposed business combination,” said Asheesh Birla, founder and CEO of Evernorth. “We set out to build an actively managed XRP treasury with the transparency and governance public markets demand. With the registration statement now effective, we are one step closer to delivering on our vision.”
Evernorth’s XRP Strategy
According to CoinGecko, Evernorth maintains 473,276,430 XRP. With the coin’s fluctuation between $1.40 and $1.47 over the last 24 hours, this puts the company’s DAT holdings at approximately $662.59 million to $695.72 million.
Unlike first-generation DATs, Evernorth doesn’t limit its framework to simply buying and holding XRP. To optimize its treasury returns, it uses a model that allocates its portfolio to active strategies.
This way, Evernorth doesn’t rely only on the crypto asset’s price appreciation. It also earns a passive income stream by participating in liquidity provisioning, institutional lending, and other yield-bearing protocols across the XRP Ledger (XRPL) and decentralized finance (DeFi) ecosystem.
Sagar Shah, Chief Business Officer of Evernorth, earlier revealed that their company plans to leverage XRPL’s potential integration of a native lending feature under the XLS-66 proposal and a single-asset vault under the XLS-65 proposal. The parallel proposals would enable the company to aggregate assets from multiple depositors and make them available on other on-chain protocols, such as a lending protocol. At the same time, the enterprise could earn yield on those pooled assets without requiring complex smart contract infrastructure, while benefiting directly from XRPL’s institutional-grade security features.
It’s worth noting, however, that both proposals remain in a validator voting phase, with XLS-66 at 34.29% and XLS-65 at 37.14% consensus vote.
