The United States Securities and Exchange Commission has announced the entry into force of Evernorth Holdings' registration documents, which means that the company, with XRP as its core treasury, has been allowed to move forward with the merger process with Armada, a special purpose purchaser listed in NASDAQ. The company disclosed that if the shareholders voted on 30 September and the remaining delivery conditions were met, the merger company was expected to be listed at the end of the third or the beginning of the fourth quarter of the year and the stock code was proposed for XRPNI don't know.

It should be noted that the entry into force of the registration document does not represent the endorsement of the consolidated transaction by the SEC, nor does it represent endorsement by the regulator of Evernorth ' s business model or the value of the investment of the XRP. It is of practical significance that it clears up the documentation-level barriers for shareholder voting and subsequent listing procedures.

Plan to complete listing through SPAC

Evernorth is using SPAC consolidation to access the open market. As currently organized by the company, the Armada shareholders are required to decide by 28 September whether to redeem their shares or to continue to participate in the consolidated listed companies. If the vote is passed, the parties will complete the business consolidation and Evernorth will become a publicly traded company.

The company's founder and CEO, Asheesh Birla, stated that this progress brought the proposed business consolidation closer to completion and allowed his “actively managed XRP Treasury” plan to move forward. The company wants to use the governance and information disclosure framework of the open market to run the XRP-centred balance sheet strategy.

Target to create a publicly traded XRP Treasury

Evernorth belongs to Digital Asset Treasury. It is the practice of such companies to place encrypted assets on their balance sheets and to continue to buy more coins through financing, rather than simply track currency prices like ETF. The Bitcoin Treasury model was previously promoted by Strategy, while Evernorth's positioning is entirely around XRP.

According to the disclosure, the Evernorth plan not only holds XRP but will also use this part of the treasury for DeFi revenues, certificationer operations and ecological investments. If the transaction is completed, the company claims that it will become the largest publicly traded XRP Treasury in the world.

The disclosed supporters include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. When the company first announced the plan last October, it stated that it had raised more than $1 billion to buy XRP. The S-4 document it submitted in March of this year shows that the target is to hold at least 473 million XRPs at the time of listing, including some of the Ripple-related funding that will not be available until the merger is completed.

Deficiencies continue to be market concerns.

However, Evernorth's holdout was not easy. According to reports, the company spent approximately $947 million on XRP in late October last year, and by February this year the carrying value of the holdout was about $446 million lower than the cost of the purchase.

XRP continued to weaken. According to the latest prices quoted in the report, XRP was trading in the vicinity of US$ 1.37 on Friday, falling by more than 5 per cent in the day, and significantly below the historical high of US$ 3.65 in July 2025.

This will have a direct impact on XRPN's post-market performance. Digital Asset Banks usually relies on a premium on the net value of the underlying encrypted assets of the stock to finance the new funds. If token prices continue to decline, such premiums may shrink or even disappear, and the pace of further financing and expansion may slow.

Additional information:Evernorth will be one of the few United States companies with a single mainstream currency at its core and an explicit offer to use the treasury's assets proactively.