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

Armada Acquisition Corp. II rose about 270% last week, leaving the thinly traded shell at nearly four times its roughly $10.50 trust value before merging with Evernorth, an XPR treasury company.

— Shares of Armada Acquisition Corp. II, the shell company taking XRP treasury firm Evernorth public, rose about 273% last week ahead of the expected Oct. 7 merger closing.

— Evernorth expects to hold about 473 million XRP, worth roughly $714 million at Monday’s price, though XRP already bought for $214.1 million through 2025 is now worth about $127 million.

— About 80% of Armada’s trust funds appear set to be returned to shareholders, potentially reducing the number of publicly traded shares and contributing to sharp price swings.

Shares of the shell company taking XRP treasury firm Evernorth public nearly quadrupled last week, ahead of a merger that would bring hundreds of millions of tokens and new shareholders into the listed business.

Armada Acquisition Corp. II (XRPN) closed at $39.42 on Friday, up 68% that day and about 273% for the week, according to StockAnalysis data. The shares briefly touched $53, compared with $10.58 a week earlier. Shares are higher by another 9.5% in pre-market trading Monday.

Evernorth told CoinDesk in an email that it expects the merger to close on Wednesday, Oct. 7, subject to remaining conditions.

Armada is a special purpose acquisition company, or SPAC. It raised money, holds it in a trust and later merges with a private business. Public shareholders can request their money back before the deal closes, rather than keep their shares in the combined company.

Armada’s trust held $241.2 million at the end of June, with a redemption value of about $10.49 per public share, according to its quarterly filing. Evernorth’s Oct. 1 announcement indicates that approximately $48 million in trust proceeds will remain for the transaction.

Comparing those figures suggests roughly 80% of the trust money would be returned to shareholders, according to CoinDesk calculations. The announcement did not provide a final count of redeemed shares.

Redemptions can leave fewer public shares available to trade, allowing relatively small orders to move the price sharply.

A $714 million XRP bet

Some of the XRP purchased with cash is already worth substantially less than Evernorth paid.

The company spent $214.1 million buying 84.4 million XRP through the end of 2025, an average of about $2.54, CoinDesk reported in March. That tranche would now be worth roughly $127 million.

The deal comes as other cryptocurrency treasury listings have struggled after their mergers.

Tether-backed Twenty One fell 25% in early trading on its NYSE debut in December, approaching the $10 price paid by its private-placement investors. ProCap BTC had lost more than 60% since its own merger by then.

Evernorth’s closing disclosures should show the final share count and remaining cash. The combined company is expected to begin trading on Thursday, Oct. 8.

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