XRP Treasury SPAC XRPN Surges 270% Ahead of Evernorth Merger
What happened: Armada Acquisition Corp.
What happened: Armada Acquisition Corp. II (XRPN), a special purpose acquisition company (SPAC) focused on XRP treasury operations, soared approximately 273% last week, closing at $39.42—nearly four times its trust value—following shareholder approval of its merger with Evernorth Holdings. The combined company, backed by Ripple and led by former Ripple executive Asheesh Birla, will debut on Nasdaq as XRPN on October 8, holding 473 million XRP (valued at $714 million).
Why it matters: The parabolic move in XRPN shares reflects a classic pre-merger SPAC squeeze, amplified by thin float and high redemption rates. While the merger brings a major XRP treasury vehicle to public markets, most of the trust funds are expected to be redeemed, limiting immediate liquidity. The event highlights both the speculative fervor and structural quirks of SPAC deals in the crypto sector, with fundamentals taking a back seat to trading dynamics.