Armada Acquisition Corp. II rose by about 270% last week, bringing the stock price of this thinly traded blank-check company close to four times its approximate $10.50 trust value before its merger with Evernorth. Evernorth is a XRP treasury company.

Evernorth is expected to hold approximately 473 million XRP, which is worth about 714 million US dollars at Monday's price. However, Evernorth has now appreciated to about 127 million US dollars, based on the 214.1 million US dollars' worth of XRP that was purchased in 2025.

Evernorth told CoinDesk in an email that the merger is expected to be completed on Wednesday, October 7th, but it still depends on the remaining conditions.

A bet of $714 million in XRP

Evernorth is expected to hold approximately 473 million XRP at the time of the transaction completion. Calculated at a price of around $1.51 per unit on Monday, these XRP are valued at about $714 million. The disclosed financing also includes approximately $300 million in total cash proceeds (excluding fees), which consists of $225 million from private placements, $30 million in convertible notes, and $48 million from the Armada trust. The supporters also provided XRP directly.

Some of the XRP that were purchased with cash currently have a value far lower than the purchase cost of Evernorth.

The company spent $214.1 million to purchase 84.4 million of XRP by the end of 2025, at an average cost of about $2.54 per unit, as reported by CoinDesk in March this year. This portion of the holdings is now worth approximately $127 million.

At the time of this transaction, other publicly traded cryptocurrency wallet companies were struggling after completing mergers and acquisitions.

When Twenty One, supported by Tether, made its debut on the New York Stock Exchange in December, it fell by 25% in the early stages of trading, approaching the $10 price paid by its private investors. By that time, ProCap BTC had already fallen by more than 60% since the merger and acquisition.

Related Reading:Bitcoin treasury company Twenty One fell 25% on its debut on the NYSE, with its stock price approaching the $10 pricing of PIPE

1 SEC approved a 3x correction scheme for Bitcoin and Ethereum traders, suitable for those who missed the sharp fluctuations 1 hour ago

2 Treasury crackdown exposes the role of cryptocurrencies in Hamas' $2 million fundraising network 1 hour ago

3 Metaplanet Added 1,000 more Bitcoins in the third quarter, bringing the total holdings to 44,000 BTC 1 hour ago

As the US dollar rises to 18-month highs, Bitcoin's resilience is put to the test 1 hour ago

5 Real-time Update: As traders rule out the possibility of a Fed interest rate hike in October, Bitcoin climbs above $86,000 1 hour ago

7 Technical indicators show a shift in Bitcoin's trend; Ethereum is preparing for the Glamsterdam upgrade: Crypto Week Outlook 2 hours ago

8 Kraken Operator Payward collaborates with Bank of Singapore Gulf to promote 24/7 operation of institutional encrypted settlements 3 hours ago

Bitcoin is about to see an important bullish signal that hasn't appeared in over a year. 5 hours ago.

10 Ethereum investors are stuck in a two-week queue for withdrawing their staked funds. Here are the reasons. 5 hours ago

The Definitive Stablecoin Landscape Series : Asia Pacific

The Definitive Stablecoin Landscape Series : Asia Pacific

As stablecoins enter the regulated financial sector, the Asia-Pacific region is becoming a key testing ground. This report outlines the regulatory rules in the region, the use cases, and the role played by RLUSD.

As stablecoins enter the regulated financial sector, the Asia-Pacific region is becoming a key testing ground. This report outlines the regulatory rules in the region, the use cases, and the role played by RLUSD.

Why it's important:

As stablecoins enter the regulated financial sector, the Asia-Pacific region is becoming a key testing ground. This report outlines the regulatory rules in the region, the use cases, and the role played by RLUSD.

Bitcoin's resilience is being tested as the US dollar rises to a 18-month high

Technical indicators show a shift in Bitcoin's trend; Ethereum is preparing for the Glamsterdam upgrade: A look ahead to the crypto week