Armada Acquisition Corp. II shares closed Friday at $39.42, up 68% on the day and approximately 273% for the week, according to StockAnalysis data, as the SPAC moves within two trading sessions of merging with XRP treasury company Evernorth.

The shell company, traded as XRPN, briefly touched $53 during the week — more than four times its roughly $10.50 trust value — and ran another 9.5% in Monday pre-market trading.

Evernorth told CoinDesk by email that it expects the merger to close on Wednesday, Oct. 7, subject to remaining conditions. The combined entity should begin trading on Nasdaq on Thursday, Oct. 8.

How is the trust structure amplifying volatility?

Armada is a special purpose acquisition company — a listed shell that parks investor cash in a trust, hunts for an operating target, and lets public shareholders redeem their shares for the trust value before the deal closes.

Armada's trust held $241.2 million at the end of June, with a redemption value of about $10.49 per public share, the company's quarterly filing shows. Evernorth's Oct. 1 announcement indicates that roughly $48 million of trust proceeds will remain.

The arithmetic implies around 80% of the trust is heading back to shareholders. With fewer shares left to trade, modest buy orders can swing the price sharply.

What is Evernorth bringing public?

Evernorth expects to hold about 473 million XRP at closing. At Monday's price of roughly $1.51, that holding is worth approximately $714 million.

The deal's announced financing totals about $300 million in gross cash proceeds before expenses: $225 million from private placements, $30 million in convertible notes, and $48 million from Armada's remaining trust. Backers have also contributed XRP directly.

Some of those holdings are already underwater in dollar terms. Through the end of 2025, Evernorth spent $214.1 million acquiring 84.4 million XRP at an average price of roughly $2.54, CoinDesk reported in March. That tranche is now worth about $127 million.

How does Evernorth compare with prior crypto treasury debuts?

The merger caps a year in which several digital-asset treasury listings have stumbled post-merger. Tether-backed Twenty One fell 25% in early trading on its NYSE debut in December, approaching the $10 price its private-placement backers paid. ProCap BTC had lost more than 60% since its own merger by year-end.

Evernorth's redemption ratio looks more punitive at face value, but the comparison ultimately depends on whether secondary demand arrives when the combined ticker opens.

What should investors watch from here?

The final prospectus and closing documents should confirm the remaining share count and post-redemption cash position, which together set the day-one free float. The combined company begins trading on Thursday, Oct. 8, offering the first read on demand for a pure-play XRP treasury on Nasdaq.

The debut also opens against a roughly $87 million gap between Evernorth's 2025 acquisition cost basis and current spot — a figure the post-merger entity's first disclosures will need to address.