XRP Treasury SPAC Jumps Nearly 300% Ahead of Evernorth Merger

Armada Acquisition Corp. II climbed about 270% last week, pushing the thinly traded SPAC to nearly four times its roughly $10.50 trust value ahead of its planned merger with XRP treasury company Evernorth.

The shell company, which is taking Evernorth public, saw its shares nearly quadruple as investors positioned themselves ahead of the transaction. The merger is expected to bring hundreds of millions of XRP tokens and a new group of shareholders into the publicly traded company.

Armada Acquisition Corp. II (XRPN) finished Friday at $39.42, gaining 68% on the day and roughly 273% over the week, according to StockAnalysis data. The stock briefly reached $53, compared with $10.58 a week earlier. Shares were another 9.5% higher in premarket trading Monday.

Evernorth said in an email to CoinDesk that it expects the merger to close Wednesday, Oct. 7, provided the remaining conditions are satisfied.

Armada is a special purpose acquisition company, or SPAC, which raises capital and places the proceeds in a trust before using a merger to take a private company public. Investors can choose to redeem their shares for cash before the transaction closes instead of remaining shareholders in the combined company.

According to Armada’s quarterly filing, the SPAC held $241.2 million in its trust at the end of June, equal to a redemption value of about $10.49 per public share. Evernorth’s Oct. 1 announcement said roughly $48 million of the trust proceeds would remain available for the transaction.

Based on those figures, CoinDesk estimates that around 80% of the trust assets could be returned to shareholders. The company has not disclosed the final number of shares that will be redeemed.

Heavy redemptions can significantly reduce the number of shares available for trading, meaning relatively small buy or sell orders can produce large price swings.

Evernorth’s $714 Million XRP Position

Evernorth expects to have about 473 million XRP when the merger closes. At Monday’s XRP price of approximately $1.51, that holdings would be worth around $714 million.

The company’s announced financing also includes approximately $300 million in gross cash proceeds before expenses. That total consists of $225 million from private placements, $30 million from convertible notes and $48 million from Armada’s trust. Investors have also supplied XRP directly.

However, some XRP acquired with cash has already fallen significantly below its purchase price.

Through the end of 2025, Evernorth spent $214.1 million to acquire 84.4 million XRP, representing an average purchase price of about $2.54, according to a CoinDesk report in March. At current prices, that holdings would be worth roughly $127 million.

The merger arrives as several other crypto treasury companies have struggled following their public listings.

Tether-backed Twenty One dropped 25% during early trading on its NYSE debut in December, moving toward the $10 price paid by private-placement investors. ProCap BTC had declined more than 60% from its merger level by that point.

Evernorth’s closing disclosures are expected to provide the final share count and the amount of cash remaining after the transaction. The combined company is expected to begin trading on Thursday, Oct. 8.

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