Armada Acquisition Corp. II is a blank-check special purpose acquisition company (SPAC) incorporated in the Cayman Islands and headquartered in Miami, Florida. Founded in October 2024, the company completed its initial public offering in May 2025, raising $230 million to pursue a business combination. While initially focused on targets within the FinTech, Software-as-a-Service (SaaS), and generative artificial intelligence (AI) industries, the company shifted its focus following a sponsor transition to Arrington XRP Capital Fund, LP in August 2025. In October 2025, Armada Acquisition Corp. II announced a definitive business combination agreement with Evernorth Holdings Inc. Evernorth is a Nevada-based digital asset treasury firm and institutional investment vehicle designed to hold and actively manage XRP. Upon completion of the merger, the combined entity is expected to operate as Evernorth Holdings Inc. and trade on the Nasdaq under the ticker symbol XRPN. Evernorth's business model centers on accumulating XRP and generating yield through lending, liquidity provisioning, decentralized finance (DeFi) participation, and operating validators on the XRP Ledger. The transaction aims to create one of the largest publicly traded XRP treasury vehicles, providing institutional investors with regulated exposure to the digital asset.
