An XRP treasury SPAC surges nearly 300% ahead of Evernorth merger

Shares of SPAC Armada Acquisition Corp. II surged sharply last week as the company approaches a planned merger with Evernorth, a firm that intends to hold a sizable XRP treasury. Armada’s stock closed at $39.42 on Friday, up about 273% for the week and briefly reached $53; pre-market trading on Monday showed further gains. Evernorth has said the merger is expected to close on Oct. 7, subject to remaining conditions.

Evernorth announced it expects to hold roughly 473 million XRP at closing. At the cited Monday price of about $1.51 per token, that quantity of XRP would be worth roughly $714 million. The announced financing package includes approximately $300 million in gross cash proceeds before expenses: about $225 million from private placements, $30 million from convertible notes and $48 million from Armada’s trust; backers have also contributed XRP directly.

Armada’s SEC filing showed $241.2 million in its trust at the end of June, with a per-share redemption value near $10.49. Evernorth’s disclosure indicates about $48 million of those trust proceeds will stay in the deal, implying roughly 80% of the trust funds could be returned to public shareholders. CoinDesk’s analysis of those figures suggested that a high level of redemptions would reduce the number of shares that remain publicly traded, a factor that can amplify price moves when trading volumes are thin.

The filings also show some prior token purchases would be worth materially less at current prices: Evernorth paid $214.1 million to buy 84.4 million XRP through the end of 2025, an average cost near $2.54 per token; at the referenced market price that tranche would be worth about $127 million. The company’s planned listing follows earlier crypto treasury SPACs that saw significant post-merger share weakness, illustrating varied market receptions to publicly listed crypto treasuries.