XRP Treasury SPAC Surges ~270% Ahead of Evernorth Merger
Armada Acquisition Corp. II, a shell company set to merge with Evernorth, an XRP treasury company, saw its share price surge approximately 270% last week. The thinly traded vehicle climbed to nearly four times its trust value of roughly $10.50 per share. The pending merger with Evernorth has drawn significant speculative interest in public markets.
Armada Acquisition Corp. II, a special-purpose acquisition company (SPAC), recorded a surge of roughly 270% last week as markets reacted to its announced merger with Evernorth, a company focused on holding XRP as a treasury asset. The shell company's price rose to nearly four times its underlying trust value of approximately $10.50, a level well above the typical SPAC floor.
The move reflects growing investor interest in publicly traded vehicles that offer direct or indirect exposure to XRP holdings. SPACs of this kind represent an emerging mechanism through which institutional and retail investors can gain XRP-adjacent exposure without holding the asset directly on-chain.
The company remains thinly traded, meaning the price surge may not reflect broad market conviction and could be subject to significant volatility in either direction as the merger progresses. The completion of the Evernorth merger would formally establish the combined entity as a publicly listed XRP treasury company.
This development is part of a broader trend of corporations and public vehicles structuring balance sheets around digital assets, a pattern that has accelerated across multiple asset classes in recent quarters.
Key facts
- •Armada Acquisition Corp. II rose approximately 270% last week
- •Share price reached nearly four times its trust value of roughly $10.50
- •The SPAC is set to merge with Evernorth, an XRP treasury company
- •The vehicle is described as thinly traded
- •The merger would create a publicly listed XRP treasury company