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10/05/2026

Armada XRPN SPAC Surges 273% Ahead of Evernorth XRP Treasury Merger

What happened: Armada Acquisition Corp.

Armada XRPN SPAC Surges 273% Ahead of Evernorth XRP Treasury Merger

What happened: Armada Acquisition Corp. II (XRPN), a SPAC set to merge with Evernorth Holdings—a Ripple Labs subsidiary focused on XRP treasury management—soared 273% last week, closing at $39.42 on Friday. The company’s trust value is just $10.49 per share, with a high redemption rate (~80%), but the merger is expected to bring approximately 473 million XRP (valued at $714 million) onto Evernorth’s balance sheet. The deal closes October 7, with Nasdaq trading as XRPN to begin October 8.

Why it matters: The dramatic price surge reflects thin post-vote SPAC trading and the speculative premium placed on Evernorth’s large XRP holdings. However, with only $300 million in new cash proceeds and a significant premium to net asset value, the risk of sharp price corrections after lockups expire is high. The transaction highlights both the appetite for crypto-treasury plays and the volatility inherent in SPAC structures.

Source: CoinDesk