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
Evernorth expects to hold approximately 473 million XRP at closing. At Monday’s price of roughly $1.51, that would be worth about $714 million. Its announced financing also includes approximately $300 million in gross cash proceeds before expenses, comprising $225 million from private placements, $30 million in convertible notes and $48 million from Armada’s trust. Backers have also contributed XRP directly
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
1Everyone wants SCOTUS to take up prediction markets: State of Crypto 6 hours ago2Clarity's failure could speed crypto innovation while shielding incumbents8 hours ago3President Trump declares 'energy ceasefire' between Russia and Ukraine8 hours ago4IMF finds demand for tokenized stocks, says the market is still volatile, illiquid11 hours ago5One year after 10/10 flash crash, bitcoin and ether liquidity have rebuilt, but altcoins still face risks1 day ago6Tokenized commodities look beyond gold as lending and oil open new markets1 day ago7Bitcoin's $19 billion wake-up call: One-year after flash crash, has crypto learned anything?1 day ago8Bitcoin's volatility has plunged, but extreme price swings are more frequent than in 20181 day ago9Robinhood Chain slowdown spreads from fees to trading as transactions fall more than 40%1 day ago10XRP Ledger patched decade-old bug that could create billions of dollars in XRP from nothing1 day agoLatest Research Beyond the Risk-Free Rate: Diversified Real World Yield in Productive StablecoinsBeyond the Risk-Free Rate: Diversified Real World Yield in Productive StablecoinsDiversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
