12:02 PM EDT, 10/20/2025 (MT Newswires) -- Armada Acquisition Corp. II ( AACI ) , a blank-check company, will take Evernorth Holdings public under a business combination agreement expected to raise over $1 billion in gross proceeds, the latter said Monday.

The combined company will operate under the Evernorth name and will trade on Nasdaq under the ticker symbol "XRPN," subject to listing approval.

Net proceeds will be used to fund open-market purchases of the cryptocurrency XRP to build an institutional XRP treasury, with a portion allocated to working capital, general corporate purposes, and transaction expenses, Evernorth said.

Evernorth said the publicly listed treasury vehicle will give investors liquid exposure to XRP while actively growing XRP through institutional lending, liquidity provisioning, and decentralized finance yield strategies.

The transaction has been approved by the boards of both Armada Acquisition Corp II ( AACI ) and Evernorth Holdings. It is expected to close in Q1 2026.

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