Evernorth Holdings, Inc. has officially completed a business combination agreement with Armada Acquisition Corp II, a move that has resulted in Armada’s shares trading on the Nasdaq under the new ticker symbol XRPN. This development was shared by Evernorth via an update on X.
This strategic combination is part of a $1 billion initiative aimed at increasing institutional exposure to XRP. The ticker change became effective on October 30, 2025, signifying a new phase for the company and its strategic positioning within the digital-asset market.
Big news —
Evernorth has signed a business combination agreement with Armada Acquisition Corp II, which is now trading on the @Nasdaq under the ticker $XRPN.
https://t.co/LXPlds81JXpic.twitter.com/UYqBz4bAFZ
— evernorthxrp (@evernorthxrp) October 30, 2025
Evernorth and Armada Unite for XRP-Focused Expansion
The agreement merges Evernorth Holdings, a newly established Nevada corporation, with Armada Acquisition Corp II, a special purpose acquisition company supported by Arrington XRP Capital Fund. This collaboration establishes a new entity structured to function as an institutional XRP treasury company.
In conjunction with this merger, Armada has implemented additional ticker adjustments. Its units have been re-designated from “AACIU” to “XRPNU,” and its warrants from “AACIW” to “XRPNW.” These synchronized changes serve to solidify a unified brand identity centered around the XRP ecosystem.
Furthermore, the newly adopted strategy includes the deployment of over $1 billion in gross proceeds. These funds are intended to facilitate open-market XRP purchases, thereby enhancing liquidity and providing institutional investors with a regulated avenue for digital-asset exposure.
Leadership’s Confidence and Market Significance
Michael Arrington, the founder of Arrington Capital and chairman of Armada Acquisition Corp II, conveyed significant optimism regarding this strategic development. He asserted that Evernorth’s leadership and strategic vision are poised to generate substantial shareholder value while simultaneously fostering deeper institutional engagement with XRP.
Arrington further emphasized XRP’s sustained prominence within the evolving digital-asset sector. He highlighted the increasing involvement of partners such as Hidden Road, GTreasury, Rail, and Standard Custody, recognizing them as crucial contributors to the broader XRP ecosystem.
The partnership between Evernorth and Armada II represents a significant stride toward the institutionalization of XRP access through public market channels. With XRPN now listed on Nasdaq, the company is strategically positioned to play a key role in shaping the future of digital-asset treasury operations and investment strategies centered on XRP.