Shares of Armada Acquisition Corp. II, trading under the ticker XRPN, climbed approximately 273% over four trading sessions through Friday. The stock closed at $39.42, compared with $10.58 a week earlier, and briefly reached $53 during the session. Trading volume on Friday exceeded 9.1 million shares, far above the 405,370 shares recorded on September 28.

The advance comes ahead of the planned merger with Evernorth, a firm that manages XRP reserves. Armada shareholders approved the combination on September 30. The deal is expected to close on October 7, subject to remaining conditions, with the combined company set to begin trading on Nasdaq under the XRPN ticker on October 8.

Merger Terms and XRP Holdings

At closing, Evernorth expects to hold about 473 million XRP. Based on an XRP price of roughly $1.51 on October 5, those tokens carry an estimated value of $714 million. The transaction structure also includes nearly $300 million in gross cash proceeds before expenses. Sources of that capital consist of $225 million from private placements, $30 million from convertible notes, and $48 million remaining from Armada’s trust account. Backers have also contributed XRP directly.

Evernorth founder and CEO Asheesh Birla stated that the public listing would offer investors a regulated way to gain XRP exposure.

A portion of Evernorth’s earlier XRP purchases shows a decline in value. The firm spent $214.1 million to acquire 84.4 million XRP by the end of 2025 at an average cost of about $2.54 per token. That holding is now valued at approximately $127 million.

Trust Redemptions and Share Float

As of the end of June, Armada’s trust account held $241.2 million. The quarterly filing listed a redemption value of roughly $10.49 per public share and identified 23 million Class A shares subject to possible redemption. Company statements indicate that only about $48 million of trust proceeds are expected to remain in the transaction after redemptions. That figure points to roughly 80% of the trust funds returning to shareholders.

Substantial redemptions can shrink the public float. With fewer shares available for trading, even modest order flow can produce large price moves. The recent surge in Armada shares has occurred while the final redemption count remains pending.

Performance of Comparable Crypto Treasury Deals

Recent public listings of other cryptocurrency treasury companies have shown mixed results. Twenty One, backed by Tether, declined 25% in early trading on the New York Stock Exchange in December, moving toward the level paid by private-placement investors. ProCap BTC shares fell by more than 60% after its own merger.

Armada’s recent price increase does not determine the post-merger value of the combined company or its XRP holdings. The final number of shares remaining after redemptions has not yet been disclosed, and that figure will shape the free-floating supply available once trading begins under the new structure.