The progress towards establishing the largest XRP treasury advanced further as Armada Acquisition Corp II announced its ticker symbol change to XRPN on Nasdaq today.
Armada Acquisition, a special purpose acquisition company (SPAC), set to merge with Ripple-backed Evernorth to establish the largest-ever publicly traded XRP treasury company.
Armada Acquisition Corp Files to Change Ticker Symbol to XRPN Today
According to a filing with the U.S. Securities Exchange Commission (SEC) on October 30, Armada Acquisition Corp. II will continue to trade on Nasdaq with a change in ticker to XRPN.
The firm filed an 8-K with the commission on Wednesday to disclose that the new ticker aligns with $1 billion strategy for XRP exposure on Nasdaq. The merger with Evernorth is expected to be completed by Q1 2026.
The company also announced a change in the ticker symbol for its units from AACIU to XRPNU and the ticker symbol for its warrants from AACIW to XRPNW.
The changes will take effect upon the commencement of trading on Nasdaq. This marks a key milestone in the company’s strategic transformation for creating the world’s leading institutional XRP digital asset treasury company.
Arrington XRP Capital Fund, sponsor of Armada Acquisition Corp. II, also posted on X to reach out to shareholders and the crypto community about the ticker change to XRPN.
Evernorth Accumulates Over $1 Billion in XRP
Evernorth plans to raise over $1 billion to fund open-market purchases of XRP. Ripple executive chairman Chris Larsen invested 50 million XRP in Evernorth treasury deal.
SBI Holdings committed $200 million to Evernorth. Ripple, Rippleworks, Pantera Capital, Kraken, and GSR are among the key investors that will contribute to raising over $1 billion.
According to on-chain data, XRP treasury firm Evernorth has accumulated over 388.71 million XRP worth over $1 billion. Notably, over 338 million XRP in total were transferred by Ripple.
In recent months, Ripple has worked towards maintaining XRP’s prominence in the industry. This included expansion through bold product innovations, XRPL development, and new partnerships.
Can XRP Price Rally?
XRP price fell 6% in the past 24 hours, trading at $2.50 at the time of writing. The 24-hour low and high were $2.50 and $2.66, respectively.
However, trading volume jumped by 15% in the last 24 hours, indicating interest among traders.
In the daily timeframe, the price is below the 50-SMA, 100-SMA and 200-SMA at the time of writing. Whereas, the Relative Strength Index (RSI) dropped to 45.18, signaling potential weak price action in the coming days.
CoinGlass data showed massive selling in the derivatives market. The total XRP futures open interest dropped 6% to $4.31 billion in the last 24 hours.
Also, XRP futures OI on CME and Binance slipped 3% in the last 4 hours. Derivatives traders are selling ahead of the monthly expiry on Friday.