XRP treasury SPAC Armada surges 273% ahead of Evernorth merger
- —XRPN closed Friday at $39.42, up 68% on the day and 273% for the week
- —About 80% of Armada's $241.2 million trust is set to be redeemed by shareholders
- —Evernorth expects to hold 473 million XRP, worth about $714 million at $1.51
- —84.4 million XRP bought at an average $2.54 is now worth roughly $127 million
Why it matters: The listing will test whether investors will pay a premium to trust value for XRP treasury vehicles after similar crypto SPACs slumped post-merger.
Source: CoinDesk