Evernorth SPAC Nearly Quadruples Ahead of XRP Treasury Merger

By José Oramas October 06, 2026 In XRP

A collection of golden Xrp cryptocurrencies lies spread out on a shiny surface. The backdrop features a vibrant blue digital pattern, emphasizing the cryptocurrency theme. — Source:AdobeStock

Armada Acquisition Corp. II shares closed at US$39.42 (AU$56.76) on 2 October after opening the week at US$10.58 (AU$15.24), with an intraday high of US$53 (AU$76.32).
Evernorth expects about US$48 million (AU$69.1 million) in trust proceeds from the merger, out of roughly US$241.9 million (AU$348.3 million) the trust held at the 20 August record date.
The deal is due to close on 7 October, with Evernorth trading on Nasdaq under XRPN from 8 October and the shell’s 11.5 million public warrants exercisable at closing after a 5 October amendment.

Shares of Armada Acquisition Corp. II, the shell merging with XRP treasury company Evernorth this week, closed at US$39.42 (AU$56.76) on Friday, nearly four times their price the previous Monday.

The stock opened the week at US$10.58 (AU$15.24), according to Yahoo Finance data. It traded as high as US$53 (AU$76.32) on Friday, when volume reached 9.3 million shares. On 25 September, the last session before the run began, 118,200 shares changed hands.

On Monday 5 October the session opened at US$44 (AU$63.36). It closed at US$38.65 (AU$55.66).

Trust Shrinks After Redemptions

Armada II raised US$230 million (AU$331.2 million) in its initial public offering in May 2025. Public holders could redeem their shares for cash from the trust until 28 September, two days before the merger vote.

At the 20 August record date the trust stood at about US$241.9 million (AU$348.3 million), the proxy statement shows. In its 1 October release announcing shareholder approval, Evernorth put expected trust proceeds at about US$48 million (AU$69.1 million) before expenses.

That sum forms part of roughly US$300 million (AU$432 million) in gross cash the company expects the merger and its private placements to deliver.

The shell’s sponsor, Arrington XRP Capital Fund, paid US$6.6 million (AU$9.5 million) for its stake in August 2025, according to the proxy. That stake comprises 7.88 million founder shares, 400,000 ordinary shares and 200,000 private warrants.

On Monday Armada II amended its warrant agreement with Continental Stock Transfer & Trust so that holders can exercise their warrants as soon as the merger closes. The original agreement had imposed a 30-day wait after closing. The amendment, the company said, brings the agreement into line with the terms described in its IPO prospectus.

There were 11.5 million public warrants and 355,000 private placement warrants outstanding at 30 June. Those warrants each convert into one share at US$11.50 (AU$16.56).

473 Million XRP at the Debut

Evernorth expects to hold about 473 million XRP at closing, which it says would make it the largest listed company devoted solely to an XRP treasury.

Closing is expected on 7 October, with the shares due to start trading on Nasdaq under XRPN on 8 October, subject to closing conditions and listing approval. Worksport, which holds 115,000 XRP, was the only other listed company with an XRP treasury when the vote passed last week.

Evernorth’s treasury purchase of 388.7 million XRP in October 2025 came at an average of US$2.44 (AU$3.51), according to CryptoQuant data reported at the time. XRP traded at US$1.50 (AU$2.16) on Tuesday, according to CoinGecko.