XRP focused treasury firm Evernorth has officially filed with the SEC to go public on Nasdaq.

Per the official statement published on Wednesday, Evernorth has filed a Form S-4 registration statement with the US Securities and Exchange Commission as it now awaits final regulatory clearance before proceeding with its planned listing.

Evernorth first announced plans in October to go public through a merger with Armada Acquisition Corp. II. The deal is expected to bring in over $1 billion in proceeds, including $200 million from SBI Holdings.

At the time, Evernorth said it plans to grow per share value for shareholders through a strategy focused on institutional lending, liquidity provisioning, and decentralized finance yield opportunities.

Coming back to the latest filing, if the commission approves the registration, Evernorth is expected to trade under the ticker XRPN. However, the listing would still be subject to final approval from Armada II shareholders for the merger.

“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 CEO Asheesh Birla said in a statement.

“Evernorth is being built to participate in that evolution. 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,” he added.

Evernorth said it would use the proceeds from the transaction to build what it expects to become the world’s largest public XRP treasury company on Nasdaq.

The company has already begun accumulating XRP, with on chain data showing that it holds 473.27 million XRP at press time, valued at $692.24 million.

However, the value of its holdings is down over 19% from its average acquisition cost as the broader crypto market has declined, with XRP also falling below a key support level and losing nearly 4% over the past 24 hours.

Other XRP treasury companies

Besides Evernorth, several other institutional players have strategically tapped XRP as the primary reserve asset for their corporate balance sheets.

Among the largest corporate holders are Japanese financial giant SBI Holdings, which maintains a massive strategic reserve to power its cross-border corridor. 

Among the largest corporate holders are Japanese financial giant SBI Holdings, alongside Nasdaq-listed firms such as Trident Digital Tech, and Webus International, which has committed to a $300 million XRP-denominated treasury to optimize its global payment settlements.