XRPN surges as Evernorth SPAC merger clears shareholder vote

By: Quiver PriceTracker

Posted: 1 week ago / Oct. 2, 2026 5:33 p.m. UTC

XRPN

Armada Acquisition Corp. II (XRPN) is up 79.8% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is shareholder approval of Armada II’s business combination with Evernorth, a deal that would turn the company into an XRP-focused treasury vehicle. The sharp move also appears tied to speculative buying around the expected closing next week and excitement over the scale of capital and digital assets tied to the transaction.

Details:

Armada II disclosed that shareholders approved the business combination at a September 30 meeting, removing a major hurdle for the transaction.

The company said the deal is expected to close on October 7, with the combined company expected to begin Nasdaq trading under XRPN on October 8.

Evernorth said the transaction and related private placements have raised over $1 billion, including cash financing and XRP contributed in kind.

The company said Evernorth is expected to hold about 473 million XRP at closing, positioning it as a large publicly traded pure-play XRP treasury company; that theme may be fueling momentum-heavy trading in the shares.

Sources:

SEC, Nasdaq, PR Newswire

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$XRPN Hedge Fund Activity

We have seen 15 institutional investors add shares of $XRPN stock to their portfolio, and 21 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

RIVERNORTH CAPITAL MANAGEMENT, LLC added 502,222 shares (+inf%) to their portfolio in Q2 2026, for an estimated $5,233,153
METEORA CAPITAL, LLC removed 295,581 shares (-13.0%) from their portfolio in Q2 2026, for an estimated $3,079,954
RLH CAPITAL LLC added 294,470 shares (+63.6%) to their portfolio in Q2 2026, for an estimated $3,068,377
HIGHBRIDGE CAPITAL MANAGEMENT LLC added 268,424 shares (+97.7%) to their portfolio in Q2 2026, for an estimated $2,796,978
JPMORGAN CHASE & CO removed 254,835 shares (-92.8%) from their portfolio in Q2 2026, for an estimated $2,655,380
TORONTO DOMINION BANK removed 249,725 shares (-49.9%) from their portfolio in Q2 2026, for an estimated $2,602,134
QUARRY LP added 175,000 shares (+57.0%) to their portfolio in Q2 2026, for an estimated $1,823,500

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.