Exchanges· ★★★· neutral·

Evernorth's XRP buying power may shrink as SPAC shareholders redeem shares

  • —Redemption deadline for Armada shareholders is Sept. 28; merger vote is Sept. 30
  • —Armada's trust held $241.9 million on Aug. 20, plus a $30 million convertible note
  • —Evernorth is expected to hold at least 473.3 million XRP at closing, including purchased and committed tokens
  • —Ripple has already contributed 126.79 million XRP as part of agreed contributions
Why it matters: The scale of redemptions will determine how much cash Evernorth can deploy to buy XRP after the merger closes.
#XRP
Source: CryptoSlate
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