New XRP company nears IPO with backing from Ripple and billion-dollar plan

The company that is building the largest public XRP reserve in the world is moving one step closer to going public. Evernorth, which receives support from Ripple (the company behind XRP), submitted an important application to the American stock exchange watchdog on Wednesday for a listing on the Nasdaq.

Evernorth turns to the SEC

In concrete terms, Evernorth has filed a so-called S-4 registration. This is a form that companies must submit when they want to go public through a merger or acquisition. It is the last major regulatory hurdle before the IPO.

Evernorth is opting for a SPAC route. That means it will merge with Armada Acquisition Corp. II, a listed company without its own activities that was specifically established to bring another company to the stock exchange. This way, Evernorth does not have to go through the long and expensive process of a traditional IPO.

After the merger, it will operate as Evernorth Holdings Inc. The shares will have the ticker XRPN and the warrants XRPNW. Now that the application has been filed, the Securities and Exchange Commission (SEC) must first approve the document. Armada II shareholders must then vote in favor of the merger.

The deal is expected to generate more than $1 billion in gross proceeds. Some of that comes from Armada II itself, which raised about $230 million in its own IPO in May 2025. That money is in a blocked account and will be released as soon as the merger goes ahead.

Major investors are investing the rest: Ripple, SBI Holdings, Pantera Capital, Kraken and GSR. After deducting operational and deal costs, the largest part goes to the purchase of the cryptocurrency XRP.

Largest public XRP reserve in the world

Evernorth has already made significant purchases. According to data from CoinGecko, the company currently owns 473 million XRP, worth around $692 million. The average purchase price was $2.54 per coin.

The XRP price is currently around $1.47, causing the portfolio to lose more than 19 percent in value. But CEO Asheesh Birla, a former Ripple executive, looks beyond just price exposure.

“Evernorth was built to offer investors more than just exposure to the XRP price,” Birla previously said. “We are betting on existing TradFi return strategies and DeFi opportunities, while contributing to the growth of that ecosystem.”

The company runs validators on the XRP Ledger, provides liquidity to DeFi protocols, and leverages Ripple’s RLUSD stablecoin.

The model is reminiscent of Michael Saylor’s Strategy, which uses Bitcoin (BTC) as the core of its balance sheet strategy. Evernorth does the same, but with XRP.