Armada Acquisition Corp. II
Armada Acquisition Corp. II is a publicly traded SPAC (Nasdaq: XRPN) that has agreed to merge with Evernorth Holdings, a Ripple Labs-backed company, to create an institutional XRP treasury targeting over $1 billion in capital, with closing expected Q1 2026.
- Company typePublic
- Founded2024
- HeadquartersPhiladelphia, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Armada Acquisition Corp. II does
Armada Acquisition Corp. II is a special-purpose acquisition company (SPAC) incorporated as a Cayman Islands exempted company on October 3, 2024, with executive offices in Philadelphia, Pennsylvania. The company was formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses. Its original stated focus areas were FinTech, SaaS, and generative AI companies that would benefit from a public listing and operational guidance. The company completed its initial public offering in May 2025, pricing 23,000,000 units at $10.00 per unit for $230 million in gross proceeds, and began trading on Nasdaq under the ticker symbols AACIU (units), AACI (shares), and AACIW (warrants).
In August 2025, Arrington XRP Capital Fund, LP acquired the sponsor securities from the original sponsor (Armada Sponsor II LLC) for $6.6 million, becoming the new sponsor and installing Taryn Naidu as incoming Chief Executive Officer while the original principals Stephen P. Herbert and Douglas M. Lurio transitioned to strategic advisor roles. In October 2025, the company announced a definitive business combination agreement with Evernorth Holdings, Inc., a Ripple Labs-backed entity aiming to raise over $1 billion to build an institutional XRP treasury. The combined entity will list on Nasdaq under the ticker XRPN, reflecting a strategic pivot from the original FinTech/SaaS/AI focus to a digital asset treasury model centered on XRP. The transaction is expected to close in Q1 2026, subject to regulatory and shareholder approvals, with Ripple contributing 126 million XRP tokens and an institutional investor syndicate including SBI Holdings, Pantera Capital, and Kraken supporting the capital raise.
Armada Acquisition Corp. II firmographics
Firmographics- Name
- Armada Acquisition Corp. II
- Legal name
- Armada Acquisition Corp. II
- Website
- https://armadaacq.com
- Company type
- Public
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Armada Acquisition Corp. II is a publicly traded SPAC (Nasdaq: XRPN) that has agreed to merge with Evernorth Holdings, a Ripple Labs-backed company, to create an institutional XRP treasury targeting over $1 billion in capital, with closing expected Q1 2026.
- Ownership category
- akta.pro rank
Armada Acquisition Corp. II industry classification
Industry- Product category
- Special Purpose Acquisition Company (SPAC) / Blank Check Company
- NAICS
- Other Financial Vehicles (52599)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)
- akta.pro secondary industries
- M&A Advisory (Buy-Side & Sell-Side) (BPAHAOAA), Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG)
Keywords
Where Armada Acquisition Corp. II is headquartered
LocationHeadquarters
- HQ city
- Philadelphia
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Armada Acquisition Corp. II business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | Class A Ordinary Shares with Warrants |
Armada Acquisition Corp. II product offering
Product offeringCore offering
Armada Acquisition Corp. II is a Special Purpose Acquisition Company (SPAC) formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more target businesses, with stated focus on the FinTech, SaaS, and generative AI industries. The company completed a $230 million IPO of units on Nasdaq in May 2025 and has entered into a business combination agreement with Evernorth Holdings, Inc. to transition into an institutional XRP treasury company under the ticker XRPN.
Product overview
Armada Acquisition Corp. II is a Special Purpose Acquisition Company (SPAC) formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses. While the company may pursue targets in any industry, it intends to focus on businesses in the financial services (FinTech), Software-as-a-Service (SaaS), or generative artificial intelligence (AI) industries. The company completed its IPO in May 2025, raising $230 million, and subsequently entered into a business combination agreement with Evernorth Holdings, Inc. to transition into an XRP-focused digital asset treasury company, changing its ticker to XRPN to reflect this strategic focus.
Differentiator
Problem solved
Functional benefit
Products and services
- Armada Acquisition Corp. II IPO Units SPAC IPO offering comprising units that each consist of one Class A ordinary share and one-half of one redeemable warrant, designed for institutional and retail investors seeking exposure to a SPAC vehicle targeting business combinations in FinTech, SaaS, and generative AI.
Quantifiable outcome
- Successfully completed Armada Acquisition Corp. I business combination with Rezolve AI Limited in August 2024, valued at approximately $1.6 billion
- +1 more outcomes
Companies that use Armada Acquisition Corp. II
Customer profileSegments3 records
Ideal customer profiles1 record
Armada Acquisition Corp. II technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Armada Acquisition Corp. II partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Evernorth Holdings, Inc.coreBusiness combination agreement announced October 20, 2025 for Evernorth to merge with Armada Acquisition Corp. II. Evernorth is a Ripple Labs-backed XRP treasury company planning to raise over $1 billion to build an institutional XRP treasury. Transaction expected to close Q1 2026, pending regulatory and shareholder approval. Combined entity to list on Nasdaq under ticker XRPN.
Scale indicators3 records
Recent moves8 records
Expansion highlights4 records
Armada Acquisition Corp. II competitors and assessment
Company assessmentDirect peers
- Armada Acquisition Corp. I: Predecessor SPAC from the same original sponsor team (Herbert and Lurio), which closed its business combination with Rezolve AI in August 2024 at a $1.6B valuation. Closest comparable in structure, mandate, and operator pedigree to Armada II.
- Armada Acquisition Corp. III: Successor SPAC from the same sponsor team, which closed a $248.5M IPO in February 2026. Directly comparable SPAC chassis, sponsor platform, and FinTech/SaaS/AI mandate, providing a near-clone benchmark for Armada II's deal mechanics.
Broad incumbents
- MicroStrategy: The original publicly traded corporate crypto treasury vehicle, holding tens of billions of dollars of bitcoin. XRPN's intended post-close single-asset XRP treasury model directly mirrors MicroStrategy's strategy applied to a different digital asset, making it the most-cited comparable for institutional framing.
- Marathon Digital Holdings: Large publicly traded bitcoin miner and holder with a balance-sheet BTC strategy. While diversified into mining operations, it is one of the benchmark public vehicles for institutional digital asset exposure and provides a relevant scale/sentiment comparable.
- Coinbase Global: Largest U.S.-listed crypto exchange and custodian, providing trading, custody, and staking rails for institutional XRP exposure. Functions as a key infrastructure and potential distribution partner for the post-combination XRPN treasury strategy.
- Block Inc. Public fintech (formerly Square) that has historically held bitcoin on its balance sheet and operates the Cash App bitcoin rails. A relevant comparable as a publicly traded fintech-crypto hybrid, though not a single-asset treasury vehicle.
Emerging players
- Semler Scientific: Healthcare-technology company that pivoted to a bitcoin treasury strategy funded in part through equity and convertible-note raises. Comparable to XRPN as a smaller, recently repositioned U.S. public company with a single-asset crypto treasury thesis.
- Hut 8 Corp. Public digital asset infrastructure company combining bitcoin mining, hosting, and treasury holdings. Comparable to XRPN as a publicly listed vehicle that accumulates crypto on balance sheet, though with infrastructure revenue diversification.
- DeFi Technologies: Canadian-listed asset manager building diversified digital-asset treasury exposure including XRP and other tokens. Comparable as a smaller publicly traded vehicle aggregating institutional exposure to XRP and adjacent digital assets.
Others
- Ripple Labs: The primary XRP ecosystem company and lead backer of Evernorth Holdings (126M XRP contribution; CLO slated for Evernorth board). Not a competitor but the central counterparty and ecosystem anchor whose execution and regulatory standing directly drive XRPN's value.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat2 records
Key risks2 records
Key highlights6 records
Customer concentration
Armada Acquisition Corp. II financial estimates
Financial estimateRevenue estimate
Valuation estimate
Armada Acquisition Corp. II leadership team
Management profileNumber of profiles
Profiles6 records
Armada Acquisition Corp. II funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Armada Acquisition Corp. II M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Armada Acquisition Corp. II
What does Armada Acquisition Corp. II do?
Armada Acquisition Corp. II is a Special Purpose Acquisition Company (SPAC) formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more target businesses, with stated focus on the FinTech, SaaS, and generative AI industries. The company completed a $230 million IPO of units on Nasdaq in May 2025 and has entered into a business combination agreement with Evernorth Holdings, Inc. to transition into an institutional XRP treasury company under the ticker XRPN.
Is Armada Acquisition Corp. II a public or private company?
Armada Acquisition Corp. II is a public company. It is classified as public and is currently operating.
When was Armada Acquisition Corp. II founded?
Armada Acquisition Corp. II was founded in 2024. It employs 1 to 10 people.
Where is Armada Acquisition Corp. II based?
Armada Acquisition Corp. II is headquartered in Philadelphia, United States, in the North America region.
Who are Armada Acquisition Corp. II's main competitors?
Direct peers on record are Armada Acquisition Corp. I and Armada Acquisition Corp. III. Broad incumbents are MicroStrategy, Marathon Digital Holdings, Coinbase Global and Block Inc.. Emerging players are Semler Scientific, Hut 8 Corp. and DeFi Technologies. Ripple Labs is listed as an others.
Does Armada Acquisition Corp. II have an API?
No public API is recorded for Armada Acquisition Corp. II.
What industry is Armada Acquisition Corp. II in?
Armada Acquisition Corp. II's product category is Special Purpose Acquisition Company (SPAC) / Blank Check Company. Its primary akta.pro industry code is BPAHAOAL, Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory), with a secondary code of BPAHAOAA, M&A Advisory (Buy-Side & Sell-Side). Its NAICS code is 52599 and its SIC code is 6211.