Evernorth has filed a new Form S-4 as the Ripple-backed XRP treasury firm gets closer to a planned listing on Nasdaq Inc. (NASDAQ: NDAQ) under the ticker XRPN.

The company wants to enter public markets through a merger with Armada Acquisition Corp II (NASDAQ: AACI), with more than 473 million XRP sitting at the center of its treasury plan.

The deal still needs SEC approval and a vote from Armada shareholders. Until that happens, Evernorth is still waiting at the gate.

Evernorth builds its public listing plan around a large XRP treasury

Ashish Birla, the CEO of EvernorthXRP, spoke about the plan at a live event in Las Vegas. He said the company wants to give investors stock-style access to XRP through XRPN. So instead of buying the token directly, investors would buy shares in a company whose main strategy is tied to XRP.

The setup has an obvious link to Strategy Inc. (NASDAQ: MSTR) and its Bitcoin (BTC) treasury model. Strategy made Bitcoin the core of its balance sheet. Evernorth is taking a similar route with XRP, but it is not planning to sit still and hope the chart behaves.

The company wants to use part of its XRP pile in yield strategies over time. That means Evernorth wants to earn more than just any future price gain from the token. The plan is aimed at large investors that want crypto access through a regulated stock, not through direct custody.

Ashish said the structure is meant for institutions that prefer equity-based crypto exposure. He also pointed to stronger demand for products such as crypto ETFs and tokenized assets, as Wall Street keeps finding ways to package cryptocurrencies in formats it already understands.

Ashish links XRP to tokenization as Binance and Bybit data show falling reserves

Evernorth also wants to connect its public-market structure with blockchain tools. That includes possible DeFi use across the XRP network, where future yield products could be built if the ecosystem gets enough activity, liquidity, and developers.

Ashish called tokenization the direction finance is heading and said, “I do believe that XRP is going to be a leader there.”

He tied that view to XRP’s past focus on payments, settlement, and liquidity. Ashish also pointed to XRP-based DeFi as one of the areas he is watching. Flare, Axelar, and native XRP Ledger work could help create more on-chain products for the token.

The market data is rougher than the pitch deck would like. XRP is down about 13% over the past quarter, caught in a weaker crypto market. On May 1, XRP open interest delta on Bybit rose by about $23.9 million, while Binance saw about $2.7 million.

Reserves also fell on both exchanges. Binance XRP balances dropped from about 2.80 billion XRP on March 17 to around 2.76 billion XRP by May 4, down about 50 million XRP, or 1.8%. Bybit fell from about 117 million XRP to nearly 98 million XRP, down around 19 million XRP, or 16.2%.

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