An XRP treasury SPAC surges nearly 300% ahead of Evernorth merger

Comparing those figures suggests roughly 80% of the trust money would be returned to shareholders, according to CoinDesk calculations. The announcement did not provide a final count of redeemed shares.

Redemptions can leave fewer public shares available to trade, allowing relatively small orders to move the price sharply.

Read More: An XRP treasury company backed by Ripple is a shareholder vote away from Nasdaq

A $714 million XRP bet

Evernorth expects to hold approximately 473 million XRP at closing. At Monday’s price of roughly $1.51, that would be worth about $714 million. Its announced financing also includes approximately $300 million in gross cash proceeds before expenses, comprising $225 million from private placements, $30 million in convertible notes and $48 million from Armada’s trust. Backers have also contributed XRP directly.

Some of the XRP purchased with cash is already worth substantially less than Evernorth paid.

The company spent $214.1 million buying 84.4 million XRP through the end of 2025, an average of about $2.54, CoinDesk reported in March. That tranche would now be worth roughly $127 million.

The deal comes as other cryptocurrency treasury listings have struggled after their mergers.

Tether-backed Twenty One fell 25% in early trading on its NYSE debut in December, approaching the $10 price paid by its private-placement investors. ProCap BTC had lost more than 60% since its own merger by then.