Quick Breakdown
- Armada Acquisition Corp. II changes ticker to XRPN on NASDAQ, effective October 30, 2025.
- The move aligns with a $1 billion strategy for institutional XRP exposure through Evernorth Holdings.
- Sponsored by Arrington XRP Capital, the SPAC aims to establish a regulated XRP digital asset treasury.
Armada Acquisition Corp. II has announced a ticker symbol change on NASDAQ from “AACI” to “XRPN”, marking a strategic shift that aligns with its $1 billion plan to establish the world’s leading institutional XRP digital asset treasury. The new ticker will take effect on October 30, 2025, with its units and warrants trading as “XRPNU” and “XRPNW”, respectively.
This transition follows Armada’s recently announced business combination agreement with Evernorth Holdings, Inc., a Nevada-based company set to provide regulated exposure to XRP. The deal, backed by Arrington XRP Capital Fund, aims to raise over $1 billion in gross proceeds to fund large-scale open-market purchases of XRP, positioning Evernorth as a significant player in institutional crypto finance.
See you on the @NasdaqExchange tomorrow, $XRPN!
Armada Acquisition Corp. II Announces Ticker Symbol to Change to XRPN on Oct 30, 2025 https://t.co/AtkNPZfKaJ@evernorthxrp pic.twitter.com/qdB4kEiqRD
— Arrington Capital (@Arrington_Cap) October 29, 2025
Strategic alignment with XRP market expansion
The ticker change signals Armada’s deepening alignment with the XRP ecosystem amid renewed institutional interest in digital asset treasuries. Under the new structure, Evernorth will emerge as a publicly traded XRP treasury platform, offering investors a liquid and compliant vehicle for XRP exposure. Unlike traditional ETFs, Evernorth plans to actively grow its XRP per share by combining DeFi yield strategies, capital markets operations, and ecosystem participation.
Michael Arrington, founder of Arrington Capital and chairman of Armada II, described the move as a milestone that reinforces confidence in XRP’s long-term institutional role. “We believe Evernorth can deliver meaningful value and help shape XRP’s place in global markets,” he said.
Driving institutional adoption of XRP
Evernorth’s model aims to bridge traditional finance with crypto-native yield generation, expanding XRP’s institutional use cases. With backing from Rippleworks and Arrington Capital’s crypto expertise, the combined entity seeks to anchor XRP as a regulated treasury asset, further integrating it into global capital markets and reinforcing its utility across both institutional and decentralized finance environments.
Meanwhile, Kraken has strengthened its U.S. expansion strategy with a $100 million acquisition of Small Exchange, a CFTC-regulated derivatives platform, and has secured a Designated Contract Market (DCM) license to broaden its futures and derivatives offerings.
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