Armada Acquisition Corp. II

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.

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

Product category

Special Purpose Acquisition Company (SPAC) / Blank Check Company

NAICS

Other Financial Vehicles (52599)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYBPAHAOAL

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/M&A, Transaction & Restructuring Advisory

SECONDARYBPAHAOAA

M&A Advisory (Buy-Side & Sell-Side)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/M&A, Transaction & Restructuring Advisory

SECONDARYBPAHAOAG

Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/M&A, Transaction & Restructuring Advisory

Keywords

• Special purpose acquisition company
• Business combination services
• FinTech SPAC acquisitions
• Digital asset treasury
• Public listing services

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Pricing tiers

Core 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

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Evernorth Holdings, Inc.coreStrategic or Co-development Partner · 20 October 2025Business 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

Direct 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

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&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