Shareholders of Armada Acquisition Corp. II approved a business combination with Evernorth on September 30, paving the way for the company to list its Class A stock on Nasdaq under ticker XRPN on October 8 following an expected October 7 closing. While the transaction features a headline gross cash figure of approximately $300 million, the entity's immediate buying power for fresh XRP acquisitions is closer to $88.5 million.
Evernorth's $88.5 Million Fresh Cash Runway
The company's $300 million headline total includes $214.05 million in advance cash subscriptions that were already deployed in November 2025 to buy 84.37 million XRP at an average price of $2.54. Because those funds were previously converted into tokens, they cannot be reused for new spot purchases.
The remaining gross cash available at closing relies on three conditional sources totaling roughly $88.5 million:
- $10.5 million in delayed cash subscriptions subject to closing conditions.
- $30 million in incremental convertible notes carrying 4% annual payment-in-kind interest and maturing in 2031.
- Approximately $48 million in estimated trust proceeds prior to transaction expenses.
Liabilities and Strategic XRP Reserve Breakdown
Deployable cash will be further reduced by transaction fees and operational liabilities. On June 30, 2026, Armada reported $5.39 million in accounts payable and accrued expenses along with a $9.2 million deferred underwriting fee payable. Corporate filings also allow net proceeds to fund general working capital and broader ecosystem activities rather than direct token acquisitions.
At closing, Evernorth expects to hold approximately 473 million XRP. That reserve total is not driven purely by market cash purchases; it includes in-kind investments such as a 50 million XRP related-party subscription and 211.3 million XRP invested via RippleWorks. With XRP trading around $1.53, public treasury strategies are attracting attention even as XRP achieved a historic green Q3 earlier in the year.
Why It Matters
This capital breakdown highlights a critical distinction for corporate crypto treasuries: headline funding figures do not directly convert into equivalent spot market demand. Institutional investors monitoring token supply dynamics must distinguish between historical purchases, non-cash contributions, and net deployable cash. How effectively Evernorth allocates its remaining $88.5 million will serve as a practical benchmark for public altcoin treasury vehicles.
