Evernorth Holdings, a digital-asset treasury startup backed by Ripple, has filed an amended Form S-4 with the U.S. Securities and Exchange Commission (SEC) to advance a SPAC merger. This move aims to establish a Nasdaq-listed XRP treasury company under the ticker "XRPN." The merger involves Armada Acquisition Corp II, a SPAC sponsored by Arrington Capital, with over $1 billion in investor commitments from Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. The SEC is currently reviewing the amended registration statement. Once approved, Armada Acquisition Corp II shareholders will vote on the merger. Evernorth plans to leverage the XRP Ledger (XRPL) for various services, including operating XRPL validators and integrating Ripple’s RLUSD stablecoin for institutional DeFi activities. The company also aims to support tokenized real-world asset initiatives. Evernorth's financials show mixed results, with combined cash reserves rising but the value of XRP holdings declining to $387.14 million. The transaction's completion depends on SEC approval and shareholder consent, potentially positioning XRP as a key asset for institutional crypto services.