Armada Acquisition Corp. II Shares Surge Nearly 300% Ahead of XRP Treasury Merger

A shell company called Armada Acquisition Corp. II, which is set to merge with XRP treasury firm Evernorth, saw its shares surge nearly 300% last week. The company's shares closed at $39.42 on Friday, up 68% that day and about 273% for the week. This comes ahead of the expected merger on October 7, which will bring hundreds of millions of XRP tokens and new shareholders into the listed business.

Evernorth expects to hold approximately 473 million XRP at closing, worth about $714 million at Monday's price of $1.51. The company's announced financing includes about $300 million in gross cash proceeds before expenses. However, some of the XRP purchased with cash is already worth substantially less than what Evernorth paid. The company spent $214.1 million buying 84.4 million XRP through the end of 2025, an average of about $2.54. That tranche would now be worth roughly $127 million.

It's estimated that about 80% of Armada's trust funds will be returned to shareholders, potentially reducing the number of publicly traded shares and contributing to sharp price swings. Shares are higher by another 9.5% in pre-market trading Monday, suggesting that investors are optimistic about the merger.