Evernorth, the largest XRP digital asset treasury, has received SEC effectiveness on its Form S-4 registration, moving it closer to a Nasdaq listing through a merger with SPAC Armada Acquisition Corp. II. The news lands as XRP trades near $1.42, up 8% over the past week, though technical indicators point to possible seller pressure ahead.
The U.S. SEC declared Evernorth and Armada's Form S-4 registration statement effective on August 27, clearing the path for the companies to seek shareholder approval and move toward a Nasdaq listing. Evernorth and Armada expect the merger to close in late Q3 or early Q4 of 2026.
Evernorth's strategy beyond holding XRP
Unlike treasuries that simply buy and hold a cryptocurrency, Evernorth says it intends to deploy its capital more actively across the XRP ecosystem. The company has pointed to tokenized assets, on-chain credit markets, and blockchain-based settlement infrastructure as areas it wants its XRP treasury and balance sheet to help finance.
According to PR Newswire, Asheesh Birla, Founder and CEO of Evernorth, said "We plan to enter public markets as blockchain utility continues to grow."
Evernorth is currently the largest XRP holder among treasury companies, with 473,276,430 XRP worth $672.37 million. Remixpoint, the second-largest XRP DAT, holds 1,191,204 XRP worth $1.69 million. Only two companies currently hold XRP in their treasuries.
XRP price shows mixed signals
XRP was changing hands at $1.42 after a 1.3% gain in 24 hours and an 8% rise over the past week. However, the RSI indicator showed signs of a pullback, suggesting sellers may still have room to flip the script.
Futures trading volume across Binance, Bybit, OKX, and Bitget climbed to $11.37 billion on August 22, its highest level since early February. Meanwhile, XRP ETFs have kept posting inflows. Only March 2026 broke that monthly streak.
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