Interest in XRP-linked financial products surged as Armada Acquisition Corp. II (Nasdaq: XRPN) announced on Oct. 29 it would update its ticker symbols to reflect a $1 billion institutional strategy centered on XRP exposure. The special purpose acquisition company, backed by Arrington XRP Capital Fund, has rebranded its Class A shares to “XRPN,” its units to “XRPNU,” and its warrants to “XRPNW,” effective Oct. 30.
Evernorth shared on social media platform X on Oct. 30: “Evernorth has signed a business combination agreement with Armada Acquisition Corp II, which is now trading on the Nasdaq under the ticker XRPN.” The company added:
A major step toward bringing institutional-scale adoption to XRP and building the next generation of on-chain digital asset treasuries. The journey starts NOW.
“Representing a key milestone in the company’s strategic transformation, this change underscores the company’s evolution into the world’s leading institutional XRP digital asset treasury company,” the announcement explained.
Armada II Chairman and Arrington Capital founder Michael Arrington stated:
As the SPAC sponsor and longtime XRP fanatics, we at Arrington Capital have high conviction in Evernorth’s ability to drive meaningful impact and add shareholder value.
He emphasized XRP’s growing prominence, citing contributions from Hidden Road, GTreasury, Rail, and Standard Custody.
The business combination between Armada II and Evernorth Holdings Inc. generated over $1 billion in gross proceeds, intended for open-market XRP purchases and institutional expansion. Following the merger, Evernorth will function as a publicly traded XRP treasury providing investors with regulated, transparent exposure to the asset. The company’s active strategy, combining institutional and decentralized finance yield mechanisms, reinforces the deepening institutional role of XRP and challenges narratives portraying digital assets as speculative instruments.
- What is Armada Acquisition Corp. II’s new focus?
Armada is pivoting to become a leading institutional XRP treasury following a $1 billion merger with Evernorth. - Why did the ticker change to XRPN?
The new ticker reflects the company’s strategic shift to center its operations around XRP exposure and institutional growth. - How will the $1 billion in proceeds be used?
The funds are earmarked for open-market XRP acquisitions and building out institutional-grade infrastructure for crypto treasury management. - What makes this move significant for XRP investors?
The merger positions XRP as a regulated asset within institutional finance, boosting legitimacy and long-term growth prospects for the token.
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