Evernorth Launches XRPN Trading After $1B XRP Token Acquisition

TLDR

• Evernorth Holdings began trading on Nasdaq under the ticker symbol XRPN following a $1 billion XRP acquisition.
• The company completed its transition through a merger with Armada Acquisition Corp. II.
• Evernorth now holds more than 388 million XRP tokens valued at over $1 billion.
• The firm completed token purchases from Ripple Labs, Uphold, and Ripple co-founder Chris Larsen.
• Michael Arrington confirmed the move represents a major step forward for institutional XRP exposure.

Evernorth Holdings has begun trading on Nasdaq under the ticker symbol XRPN, following a $1 billion acquisition of XRP. The Ripple-backed treasury company completed its transition through a merger with Armada Acquisition Corp. II. Trading commenced after the firm accumulated more than 388 million XRP tokens.

Evernorth Completes Nasdaq Listing With New Ticker

Armada Acquisition Corp. II announced the official ticker change from AACI to XRPN in a recent press release. The company’s units now trade under the ticker XRPNU, and warrants are available under the ticker XRPNW. This change marks the completion of Armada’s transformation into a dedicated XRP treasury operation.

The merger between Armada and Evernorth Holdings secured over $1 billion in gross proceeds for open-market purchases. Michael Arrington, founder of Arrington Capital and Armada chairman, confirmed the institutional exposure plans. Evernorth has partnered with Hidden Road, GTreasury, and Standard Custody for operational support.

“As longtime supporters of XRP, we believe Evernorth will drive meaningful shareholder value,” Arrington stated. He added that the move would solidify XRP’s place in the digital asset economy. The company completed token purchases from Ripple Labs, Uphold, and Ripple co-founder Chris Larsen.

XRPN Joins Growing Corporate XRP Treasury Movement

Evernorth now holds more than 388 million XRP tokens valued at over $1 billion in total. The firm joins VivoPower International and Trident Digital Tech Holdings in building strategic XRP reserves. These companies represent a growing trend of corporate entities accumulating the token.

The Evernorth listing coincides with multiple amendments to XRP exchange-traded fund applications filed with regulators. Grayscale, Bitwise, Franklin Templeton, and 21Shares submitted updated filings for their respective XRP ETF proposals. These amendments suggest that regulatory approvals could arrive soon despite current government operations.

Bitwise Chief Investment Officer Matt Hougan predicted billions in potential inflows for an approved XRP ETF. He cited the token’s strong retail investor base and community support as key factors. “People underestimate XRP’s momentum,” Hougan said, noting the XRP Army’s passionate following.

CME Group recently launched options trading for XRP futures, expanding its derivatives offerings for the token. The exchange has processed over 567,000 XRP futures contracts since introducing them in May this year. This activity represents nearly $27 billion in notional volume according to CME data.

CME described the performance as evidence of deep institutional interest in XRP’s growth potential. The exchange’s derivatives expansion follows strong trading demand for the token throughout the year. The REX–Osprey XRP ETF recently crossed $100 million in assets under management.

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