Armada Acquisition Corp. II shareholders have until September 28 to redeem shares. Their decision could slash the cash Evernorth Holdings has for future XRP buys if the merger goes through.
Evernorth Holdings' ability to buy more XRP now comes down to one date: September 28. That's the deadline for Armada Acquisition Corp. II shareholders to decide if they want to redeem their shares for cash. Every share redeemed pulls money out of the pool Evernorth could use to add to its XRP holdings after the merger.
Redemption deadline and cash impact
As of August 20, Armada's trust held $241.9 million for its public shares. Shareholders can redeem at $10.52 per share, no matter how they vote on the merger. The final number of redemptions will decide how much cash Evernorth gets to keep. If many shareholders redeem, Evernorth's ability to buy more XRP could drop sharply. If few redeem, more cash stays in the trust. But the company's proxy doesn't say how many will opt out, so no one knows the outcome until the deadline passes.
The SEC declared Evernorth's Form S-4 effective on August 27, 2026, clearing the way for the shareholder vote but leaving the business combination subject to final approval and closing conditions.
Even if shareholders approve the merger on September 30, the deal still has to meet closing conditions. Armada's trust could also be used to pay transaction costs and other company needs before Evernorth can buy more XRP. The cash left after redemptions and expenses will set the ceiling for how much more XRP Evernorth can buy.
Existing XRP holdings and new funding
Evernorth is set to hold at least 473.3 million XRP at closing. This includes tokens it already bought and those pledged by partners like Ripple. Not all of these tokens are new demand-some were bought or promised before the merger vote. In a November 2025 SEC filing, Evernorth said it bought another 84.4 million XRP at an average price of $2.54, using $214 million from private placements. The closing treasury will mix these older purchases with new ones, but the exact split will only be clear after the deal closes and disclosures come out.
Besides the SPAC trust, Evernorth has lined up $30 million in convertible notes. This money only comes in if the merger closes. The notes pay 4% PIK interest and mature in 2031. NH Investment & Securities is trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. Management says the money could go to general company needs, including XRP buys, but there's no promise it will all go to tokens. Transaction costs could eat into what's left for new purchases.
Potential buying scenarios
If Evernorth spent the full $30 million note at a reference price of $1.54 per XRP, it could buy about 19.5 million XRP. If every dollar of the $241.9 million trust went to XRP at that price, that would mean roughly 157 million XRP. These are best-case numbers. In reality, redemptions, expenses, and management choices will cut into them. If half the trust is redeemed, only about $121 million would be left, enough for around 78.5 million XRP if all of it went to tokens. But the real number could be much lower, or even zero, depending on how Evernorth uses its cash.
Evernorth's proposed Nasdaq ticker is XRPN, but the combined company will only begin trading if it meets all Nasdaq listing requirements after the merger closes. The $30 million note financing is contingent on the business combination's completion, underscoring the importance of shareholder approval and closing conditions.
The final numbers will only be known after closing. Evernorth will have to disclose which financings and XRP contributions were funded, what expenses were paid, and how much cash actually made it into its treasury. Later updates will show if any of that cash went to buy more XRP. The market's reaction is still up in the air. For reference, XRP's CryptoSlate market page showed a bullish score of 68 out of 100 on September 27. But that's just a snapshot, not a prediction or a direct response to the merger.
Broader market context
SPAC redemptions have become a key factor in crypto mergers. They often decide if a company ends up with real capital or a drained treasury. The process is simple: every redeemed share takes cash out of the trust, leaving less for operations or token buys after the merger. This has happened in other crypto deals, as reported earlier during XRP market disruptions. For Evernorth, the redemption outcome will directly affect its ability to impact XRP liquidity and its market role in the coming months.
Company filings show Evernorth's expected closing treasury includes 126.8 million XRP from Ripple, with the rest from earlier buys and other contributions. An August change to the merger terms means shares for private-placement investors will now be based on XRP's current volume-weighted price, not the $2.36 price from when the deal was signed. This could lower the share count at today's prices, changing both ownership and the XRP-per-share ratio, but it doesn't require new token buys.
For U.S. investors and market watchers, the Evernorth-Armada merger shows how SPAC rules play out in crypto. The final redemption count will decide Evernorth's buying power and show how much faith shareholders have in its post-merger plans. With the trust, convertible note, and past XRP buys all in the mix, the real question is how Evernorth will use its cash-and whether that means more XRP buying or just holding steady. The market will look to closing disclosures for real answers, not just headline figures.
As of August 20, Armada Acquisition Corp. II's trust held $241.9 million, with 23 million shares that could be redeemed. Evernorth's expected closing treasury includes at least 473,276,430 XRP, a mix of earlier purchases and pledged contributions. The $30 million convertible note depends on the merger closing, and its proceeds aren't set aside just for XRP. Where the money goes and how much new XRP is bought will depend on post-closing disclosures and management's choices.
SPAC redemptions are a core part of these deals, letting shareholders pull their cash before a merger closes. For crypto companies, this can change how much money is left for token buys, growth, or ecosystem work. For Evernorth, the balance between redemptions, trust cash, and new funding will decide if it becomes a bigger XRP buyer or just keeps its current stash. The result will show how SPAC deals shape token treasury moves in the changing digital asset world.
