By Isaac • September 28, 2026 3:11 pm •
Evernorth’s plan to build a large public XRP treasury is approaching a decisive vote, but the number that matters most may not be the vote count. It is the amount of cash left in the SPAC trust after shareholders finish exercising their redemption rights.
Armada Acquisition Corp. II shareholders had until 5 p.m. Eastern on Monday to request redemption of their public shares. Every redeemed share removes its pro rata cash from the trust.
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A heavy redemption wave could therefore leave the combined company with less money available for future XRP purchases after the transaction closes.
CryptoSlate reports that the trust held approximately $241.9 million before the deadline. That figure is not a guaranteed XRP-buying budget.
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