Equities of the blank-check entity bringing XRP treasury enterprise Evernorth public nearly quadrupled over the past week, leading up to a combination that will introduce hundreds of millions of coins and fresh investors to the publicly traded venture.
Armada Acquisition Corp. II (XRPN) finished Friday at $39.42, marking a 68% gain for the session and approximately a 273% weekly increase, based on StockAnalysis data. The equity briefly hit $53, compared to $10.58 a week prior. Equities advanced an additional 9.5% during Monday’s pre-market trading.
Evernorth communicated to CoinDesk via email that the business combination is projected to finalize on Wednesday, October 7, contingent upon remaining criteria.
Armada functions as a special purpose acquisition company, or SPAC. It raised capital, stores it in an escrow vehicle, and subsequently merges with an unlisted enterprise. Public investors have the option to redeem their funds prior to transaction completion rather than maintaining ownership in the merged entity.
Armada’s escrow account held $241.2 million at the close of June, featuring a redemption value of around $10.49 per public share, according to its quarterly report. Evernorth’s October 1 announcement shows that roughly $48 million of the escrow funds will stay allocated for the agreement.
Evaluating those metrics implies that about 80% of the escrow capital will be reimbursed to investors, derived from CoinDesk calculations. The disclosure did not state a definitive tally of redeemed equities.
Redemptions can restrict the volume of public shares accessible for trading, enabling relatively minor transaction sizes to drive dramatic price fluctuations.
Read More: An XRP treasury company backed by Ripple is a shareholder vote away from Nasdaq
A $714 million XRP bet
Evernorth anticipates holding roughly 473 million XRP upon completion. At Monday’s valuation of approximately $1.51, that balance would equal about $714 million. The disclosed funding package additionally incorporates roughly $300 million in gross cash proceeds before deductions, consisting of $225 million through private investments, $30 million via convertible notes, and $48 million from Armada’s escrow account. Supporters have also transferred XRP directly.
Certain portions of the XRP acquired using cash are currently valued significantly lower than Evernorth’s purchase cost.
The organization allocated $214.1 million to acquire 84.4 million XRP through the conclusion of 2025, representing an average rate close to $2.54, as CoinDesk reported in March. That specific allocation would presently total approximately $127 million.
This development unfolds as alternative digital asset treasury offerings have encountered difficulties following their respective mergers.
Tether-backed Twenty One declined 25% during early transactions on its NYSE launch in December, nearing the $10 price funded by its private-placement backers. ProCap BTC had dropped in excess of 60% following its own merger by that timeframe.
Originally published at https://www.coindesk.com/markets/2026/10/05/xrp-treasury-spac-surges-nearly-300-ahead-of-evernorth-merger.
