An XRP-focused treasury firm backed by Ripple is now just one shareholder vote from making its debut on the Nasdaq, after regulators cleared a key hurdle in its path to going public.
SEC Clears the Way
The U.S. Securities and Exchange Commission has signed off on the paperwork tied to Evernorth's planned merger with a blank-check shell company, according to reports. The regulatory green light removes one of the final obstacles standing between the digital-asset treasury company and its public market listing.
With the SEC's approval in hand, the deal now heads to shareholders, who are scheduled to cast their votes on September 30. Assuming the merger wins their support, Evernorth is set to begin trading on the Nasdaq under the ticker symbol XRPN.
One vote now separates an XRP treasury vehicle from a spot on the Nasdaq.
Ripple's Backing and What Comes Next
Evernorth's ties to Ripple, the company behind the XRP token, have drawn attention to the listing as institutional interest in dedicated crypto treasury vehicles continues to build. The firm is positioning itself as a public-market avenue for exposure to XRP.
The structure mirrors a broader trend of digital-asset treasury companies reaching public markets through mergers with special-purpose acquisition vehicles, a route that can offer a faster path to a listing than a traditional initial public offering.
Key details of the deal include:
- A shareholder vote set for September 30 to approve the merger.
- A planned Nasdaq listing under the ticker XRPN.
- Backing from Ripple, the issuer associated with XRP.
If shareholders approve the transaction, Evernorth would join a growing roster of crypto-linked companies seeking to give traditional investors regulated exposure to specific digital assets through publicly traded equities.