Evernorth Holdings has completed one of the most significant institutional moves for XRP, finalizing its merger with Armada Acquisition Corp II. The company has officially rebranded and is now trading on the Nasdaq under the new ticker XRPN (units and warrants are now XRPNU and XRPNW).
Key Highlights of the Institutional Shift
- Major Capital Raise for XRP Purchases: The merger, which took effect on October 30, 2025, raised over $1 billion in gross proceeds. The majority of this capital is earmarked for open-market XRP purchases, cementing Evernorth's role in institutional XRP treasury management.
- Massive XRP Holdings: Evernorth immediately disclosed holdings of over 388 million XRP, valued at more than $1 billion. This immediately places them among the largest institutional XRP holders.
- Institutional Adoption Accelerates: The move highlights a clear trend: companies are increasingly viewing XRP not as a speculative asset, but as a liquid, operational tool for balance sheet strength and liquidity management. Michael Arrington, Chairman of the former Armada, called the merger a "natural step" in the evolution of XRP-focused finance.
- ETF and Derivatives Growth:Institutional demand is also surging elsewhere:
- Major firms like Grayscale, Bitwise, and Franklin Templeton are actively updating filings for XRP ETFs.
- The CME Group has expanded its XRP offerings with options trading on futures, following $27 billion in value traded since the first XRP futures launched.
- The REX-Osprey XRP ETF has already surpassed $100 million in assets under management (AUM).
These combined developments—the Nasdaq debut, growing CME activity, and ETF momentum—signal that XRP is rapidly evolving into a legitimate bridge between traditional finance and the blockchain economy.
November 2025, Cryptoniteuae