Nasdaq Welcomes XRPN: Evernorth and Armada Seal $1 Billion XRP Deal

• Evernorth signs merger with Armada Acquisition Corp II, forming a $1B XRP treasury firm trading as XRPN on Nasdaq.
• The company joins a growing wave of corporations holding large XRP reserves amid rising institutional demand.
• CME and ETF updates reflect increasing market maturity and confidence in XRP’s long-term role.

Evernorth Holdings has finalized a major business combination with Armada Acquisition Corp II, marking one of the largest institutional commitments to XRP. The merged entity will now trade on Nasdaq under the ticker symbol XRPN, officially replacing Armada’s previous ticker AACI. The change also affects related securities, with units and warrants now listed as XRPNU and XRPNW, respectively.

The transition, which took effect on October 30, 2025, represents a strategic milestone for Evernorth. The company, backed by Arrington XRP Capital Fund, has positioned itself as a dedicated institutional XRP treasury firm. The merger raised over $1 billion in gross proceeds, primarily to support open-market purchases of XRP.

Michael Arrington, the founder of Arrington Capital and chairman at Armada Acquisition Corp II, emphasized the move as a natural progression for XRP-focused enterprises. He described Evernorth’s mission as a continuation of a growing institutional shift toward XRP-based financial infrastructure.

Corporate Demand for XRP Accelerates

After the merger, Evernorth revealed their holdings to be above 388 million XRP, valued at more than $1 billion. This ranks Evernorth alongside other giant institutional XRP holdings, including VivoPower International, which has also set up an XRP strategic reserves program in 2022, along with Trident Digital Tech Holdings.

The emergence of XRP treasury models also reveals a significant shift in the way companies perceive digital assets, switching from investment speculation to practical application. Analysts have indicated that companies are enhancing balance-sheet resilience by integrating XRP as a liquid and programmable asset.

On the other hand, investment companies such as Grayscale, Bitwise, Franklin Templeton, and 21Shares have submitted updates on their XRP ETFs to the regulatory authorities. Speaking to the matter, Bitwise Chief Investment Officer Matt Hougan was optimistic that once approved, the ETF could attract funds in the billions due to XRP’s huge retail following.

Institutional Momentum Builds Through CME and ETFs

Institutional activity in the XRP markets remains on the rise. The CME Group has just started options trading on XRP futures. This is in response to the continuous demand for XRP futures, which were first introduced in the previous year. Currently, the exchange has already traded more than 567,000 XRP contracts, worth $27 billion.

Furthermore, the growth in CME and the progress made in ETFs illustrate the increasing usage of XRP as a conduit between the conventional finance world and the realm of blockchain. Also, the REX-Osprey XRP ETF exceeded $100 million in asset base.

Also Read: XRP Gains Traction: $650T RWA Surge Ignited The Momentum