Evernorth Holdings, a company positioning itself to become the largest publicly traded XRP treasury, moved a step closer to going public with an S-4 registration statement filed with the SEC Wednesday. The filing shows Evernorth expects to launch with at least 473 million XRP — roughly $685 million at current prices — backing the proposed public vehicle.
The firm says it raised more than $1 billion to build its XRP holdings and received material contributions from Ripple, the payments company closely associated with the token. “We believe global finance is entering a new era with digital assets playing a larger role in how capital is held, managed, and deployed,” Evernorth founder and CEO Asheesh Birla said. “Our focus is on combining public-market discipline with XRP blockchain-based financial infrastructure to help shape a more transparent, efficient, and connected global financial system.”
How the initial treasury breaks down
- 211 million XRP — contributed by Arrington Capital (the sponsor) via an advanced funding subscription agreement.
- ~127 million XRP — expected to be contributed by Ripple upon closing of the business combination.
- ~84 million XRP — purchased with $214 million of advanced funding at an average price of $2.53 per token.
The roughly 473 million XRP on hand are valued at about $685 million today, a figure roughly $324 million lower than the more than $1 billion Evernorth raised to assemble the position. The purchased tranche in particular has taken a hit: the 84 million tokens bought at $2.53 are now worth about $122 million as XRP trades near $1.45.
Evernorth plans to list via a SPAC deal
Evernorth’s public listing is planned through a business combination with Armada Acquisition Corp. II — a SPAC sponsored by Arrington Capital that trades on Nasdaq under the ticker XRPN. The S-4 makes clear the transaction and the filing remain subject to SEC review and shareholder approval.
Active management, DeFi yield and international ambitions
The company says it will actively manage its XRP treasury with four core pillars:
- Accumulate XRP
- Actively manage the asset
- Earn yield by deploying XRP in decentralized finance (DeFi) protocols
- Explore international expansion, beginning with Japan and South Korea
The SPAC board told investors it views the combined company as “an attractive entry valuation (calculated as a multiple to NAV) to XRP,” positioning the listing as a way for public market investors to gain exposure to the token under a regulated corporate structure.
Market context
XRP has softened slightly in the last 24 hours (down ~0.4%) and sits about 60% below its July peak of $3.65. Earlier in the week the token climbed past BNB to become the fourth-largest crypto asset by market capitalization.
An Evernorth representative did not immediately respond to requests for comment. The S-4 filing provides the near-term blueprint for the company, but the plan will only proceed if it clears regulatory review and shareholder votes.
Read more AI-generated news on: undefined/news
