Armada Acquisition Corp. II shareholders approved the deal, which will hold about 473 million XRP and list on Nasdaq as XRPN on Oct. 8. At $1.50 a token, the holdings are worth about $710 million, against more than $1 billion raised.
The company that wants to be the stock-market vehicle for XRP is one vote closer, and its shell already trades at a premium.
Shareholders of Armada Acquisition Corp. II approved its business combination with Evernorth at an extraordinary general meeting on Sept. 30, the companies said Thursday. The deal is expected to close on Oct. 7, with the combined company beginning to trade on Nasdaq under the ticker XRPN on Oct. 8.
The transaction is expected to deliver about $300 million of gross cash, and investors also contributed XRP directly. Together with related private placements, it has raised more than $1 billion. At closing, Evernorth expects to hold about 473 million XRP, which it calls the largest publicly traded pure-play XRP treasury. Investors include Arrington, SBI, Ripple, Pantera, Kraken and GSR.
The price of the shell
Armada II shares, already trading under the XRPN symbol, rose 24.6% on Thursday to about $20.43, in a range of $15.50 to $20.54. A special-purpose acquisition company holds $10 a share in trust before a merger, so the shares trade at about twice that value.
What the tokens are worth
At XRP's price near $1.50 on Thursday, 473 million tokens are worth about $710 million. That is well below the more than $1 billion the transaction and placements raised.
Part of the gap traces to timing. Of $225 million of cash raised in a private placement in late 2025, $214 million was spent buying XRP at an average of about $2.54. That bought about 84 million tokens. At $1.50, they are worth about $126 million, roughly 41% less than they cost.
Two readings
One reading is that investors are paying for access. A listed vehicle lets funds and individuals hold XRP exposure through a brokerage account, and investors may be willing to pay extra for that convenience.
A second reading is that the premium reflects a small pre-closing float. SPAC shares can trade thin before a merger, when redemptions and new issuance have not yet settled, and treasury-company premiums across the sector have compressed sharply this year.
Oct. 7 and Oct. 8
Closing on Oct. 7 will produce the share count. With that number, investors can calculate XRP per share and the premium over the value of the tokens. The first sessions as XRPN on Oct. 8, once the full float can trade, will show where that premium settles.