A stock tied to $XRP that rose +273% in a week—is that a signal for the token? On October 6, Armada Acquisition Corp. II (XRPN), the SPAC taking Evernorth public, offered an initial answer: down 54.6% during the session, from $38.65 to $17.56 around 17:00 UTC (Yahoo Finance).
What’s documented: According to Evernorth’s October 1 announcement, the merger is expected to close on October 7, with trading under the name Evernorth (XRPN) beginning on October 8. Expected treasury: approximately 473 million XRP, or about $711 million at Kraken’s price of $1.503. The SPAC’s trust fund fell from $241.2 million to about $48 million: nearly 80% of public shareholders took their cash back (CoinDesk calculation). With such a thin float, a few orders were enough to push the stock as high as $53 on October 2.
Another sobering figure: the 84.4 million XRP bought in 2025 for $214.1 million (average price of about $2.54) is now worth only around $127 million.
My take: the drop looks more like a mechanical “sell the news” reaction than a verdict on $XRP , which stayed almost flat at around $1.50. The real issue is the gap with private investors. More than $1 billion was committed at $10 per share, with registration rights to resell after the closing. At $17.56, the stock is still trading at 1.76 times that price.
Two possible paths from October 8. If XRPN holds above about $10.50 (the trust value per share), the market is willing to pay a premium for an XRP treasury. If it slides toward $10, we could see a repeat of Twenty One (down 25% on its first day) or ProCap BTC (down more than 60% after the merger), two precedents cited by CoinDesk.
Would you rather hold $XRP directly or through a stock like XRPN, and how much of a premium over the treasury would you accept?
#XRP #Evernorth
What’s documented: According to Evernorth’s October 1 announcement, the merger is expected to close on October 7, with trading under the name Evernorth (XRPN) beginning on October 8. Expected treasury: approximately 473 million XRP, or about $711 million at Kraken’s price of $1.503. The SPAC’s trust fund fell from $241.2 million to about $48 million: nearly 80% of public shareholders took their cash back (CoinDesk calculation). With such a thin float, a few orders were enough to push the stock as high as $53 on October 2.
Another sobering figure: the 84.4 million XRP bought in 2025 for $214.1 million (average price of about $2.54) is now worth only around $127 million.
My take: the drop looks more like a mechanical “sell the news” reaction than a verdict on $XRP , which stayed almost flat at around $1.50. The real issue is the gap with private investors. More than $1 billion was committed at $10 per share, with registration rights to resell after the closing. At $17.56, the stock is still trading at 1.76 times that price.
Two possible paths from October 8. If XRPN holds above about $10.50 (the trust value per share), the market is willing to pay a premium for an XRP treasury. If it slides toward $10, we could see a repeat of Twenty One (down 25% on its first day) or ProCap BTC (down more than 60% after the merger), two precedents cited by CoinDesk.
Would you rather hold $XRP directly or through a stock like XRPN, and how much of a premium over the treasury would you accept?
#XRP #Evernorth
