Evernorth Holdings, a Ripple-backed XRP treasury company, has officially made its debut on Nasdaq under the new ticker symbol XRPN. This follows a $1 billion accumulation of the coin.
Armada and Evernorth Complete Strategic Transition
In a recent press release, Armada Acquisition Corp. II confirmed that its Nasdaq ticker has been officially changed from AACI to XRPN. Its units and warrants now trade under XRPNU and XRPNW, respectively.
The change builds on Armada’s transition into a dedicated XRP treasury company, following its merger with Evernorth Holdings.
The partnership secured over $1 billion in gross proceeds earmarked for open-market purchases. According to Michael Arrington, founder of Arrington Capital and chairman of Armada, this move represents a major step forward for institutional exposure.
This builds on its other institutional partners, such as Hidden Road, GTreasury, and Standard Custody.
This comes after Evernorth Holdings completed its purchases from Ripple Labs, Uphold, and Ripple co-founder Chris Larsen. These inflows have expanded the firm’s XRP treasury to more than 388 million tokens, valued at over $1 billion.
The firm now joins a growing list of corporate entities, including VivoPower International and Trident Digital Tech Holdings, that are actively building strategic reserves.
Institutional Adoption and ETF Momentum Build Around XRP
The XRP treasury firm’s Nasdaq debut comes amid fresh developments for the altcoin. Several issuers, including Grayscale, Bitwise, Franklin Templeton, and 21Shares, have filed amendments to their XRP ETF applications. This signals that approvals could be imminent despite ongoing concerns about the U.S. government shutdown.
Meanwhile, Bitwise CIO Matt Hougan predicted that an eventual XRP ETF could attract billions in inflows within months of approval. He cited the token’s strong retail and community-driven investor base. “People underestimate XRP’s momentum,” he said. “The XRP Army remains one of the most passionate in crypto.”
In another development, CME Group launched options trading for XRP futures. This builds on the success of the token’s derivatives introduced earlier this year.
Since May, the exchange has processed over 567,000 XRP futures contracts. This represents nearly $27 billion in notional volume. CME described the performance as evidence of “deep institutional interest” in the token’s long-term growth story. This comes as the REX–Osprey XRP ETF recently crossed $100 million in assets under management (AUM).
Source: https://coingape.com/xrp-treasury-evernorth-debuts-on-nasdaq-under-xrpn-ticker-after-1b-token-purchase/
