Evernorth Holdings has officially launched trading on Nasdaq under the ticker symbol XRPN, following a monumental $1 billion acquisition of XRP tokens. This strategic move comes after Evernorth solidified its transition via a merger with Armada Acquisition Corp. II, culminating in the company amassing over 388 million XRP tokens.
The shift was marked by Armada Acquisition Corp. II’s recent announcement of its official ticker change from AACI to XRPN, as detailed in a press release. The company’s units will now trade under the ticker XRPNU, with warrants available as XRPNW. This transformation reiterates Evernorth’s commitment to establishing itself as a prominent player in the XRP treasury space.
By merging with Armada, Evernorth has secured more than $1 billion in gross proceeds, which have been allocated for open-market purchases of XRP. Michael Arrington, the founder of Arrington Capital and chairman of Armada, confirmed the company’s strategy to boost institutional exposure to XRP. Evernorth has engaged with partners such as Hidden Road, GTreasury, and Standard Custody to facilitate these operations.
Arrington emphasized the long-term value proposition of XRP by stating, “As longtime supporters of XRP, we believe Evernorth will drive meaningful shareholder value.” His remarks underscore the importance of this initiative, solidifying XRP’s position within the digital asset economy. The recent transactions included token purchases from Ripple Labs, Uphold, and Chris Larsen, co-founder of Ripple.
With more than 388 million XRP tokens now under its belt, Evernorth joins other corporate entities such as VivoPower International and Trident Digital Tech Holdings in amassing substantial XRP reserves. This movement reflects a growing trend among corporations to integrate cryptocurrencies into their treasury strategies.
The timing of Evernorth’s listing aligns with several noteworthy developments in the cryptocurrency regulation arena, particularly involving XRP exchange-traded fund (ETF) applications. Major crypto asset managers including Grayscale, Bitwise, Franklin Templeton, and 21Shares have recently submitted amendments to their ETF proposals, raising optimism that regulatory approvals could soon be forthcoming.
Bitwise Chief Investment Officer Matt Hougan anticipates significant inflows, estimating billions could flow into an approved XRP ETF. He notes the strong retail investor support and community enthusiasm as crucial components of XRP’s momentum. “People underestimate XRP’s momentum,” Hougan remarked, alluding to the passionate community fervently advocating for the token’s recognition and growth.
In related developments, CME Group has also taken a substantial step forward by launching options trading for XRP futures, indicating deep interest in the token’s potential from institutional players. Since the launch in May, the exchange has processed over 567,000 XRP futures contracts, amounting to nearly $27 billion in notional volume.
This surge in trading activity further solidifies the demand for XRP in the market, with the REX–Osprey XRP ETF recently surpassing $100 million in assets under management, highlighting significant interest in the asset.
As the cryptocurrency ecosystem continues to evolve, the debut of Evernorth and its ambitious plans suggest a promising outlook for XRP and institutional engagement in the digital asset class.
