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first_img Before the merger of XRP Financial Company and Evernorth, Armada SPAC's stock price rose approximately 273% in a week

According to CoinDesk, Armada Acquisition Corp. II (XRPN) closed at $39.42 last Friday, up 68% on the day, and has risen approximately 273% over the week, reaching a high of $53 during intraday trading, compared to $10.58 a week ago, with a further pre-market increase of 9.5% on Monday. The company is the SPAC driving the listing of XRP treasury company Evernorth, which stated that the merger is expected to be completed on October 7 (Wednesday), pending the fulfillment of remaining conditions.Evernorth is expected to hold approximately 473 million XRP at the time of closing, valued at about $714 million based on Monday's price of approximately $1.51. Its disclosed financing includes about $300 million in total cash proceeds, of which $225 million comes from a private placement, $30 million from convertible notes, and $48 million from Armada's trust funds, with supporters also directly investing in XRP. However, the company purchased 84.4 million XRP for $214.1 million by the end of 2025, at an average price of approximately $2.54, which is now worth about $127 million.Armada Trust held $241.2 million at the end of June, with each public share redemption valued at approximately $10.49. Evernorth's announcement on October 1 indicated that about $48 million of the trust funds would be reserved for trading, suggesting that approximately 80% of the trust funds would be returned to shareholders. Redemptions will reduce the number of publicly tradable shares, allowing relatively small orders to significantly drive up the stock price.

Arthur Hayes: The increase in currency issuance may drive up cryptocurrency prices

According to Cointelegraph, Arthur Hayes stated that U.S. policymakers may support the AI industry and government debt financing by increasing the money supply, driving up cryptocurrency prices. If China shifts from limited tightening to large-scale monetary stimulus, it may also boost demand for scarce assets. He is also paying attention to financial pressures in France, including credit default swaps related to BNP Paribas and the spread of French government bonds.Catrina Wang, General Partner at Portal Ventures, stated that banks and asset management companies have an advantage in on-chain financial markets due to existing customer relationships. Todd McDonald, co-founder of R3, pointed out that public chains can help institutions reach customers beyond their own networks. Justin Kugel, Executive Vice President of Growth at World Liberty Financial, mentioned that the demand for asset management and investment evaluation still leaves room for intermediaries.Chetan Karkhanis, Senior Vice President of Digital Asset Client Relations at Franklin Templeton, stated that the company has no intention of issuing its own stablecoin and hopes to provide investment returns through tokenized money market funds. Haonan Li, co-founder and CEO of Codex, stated that trade routes connecting Latin America, Sub-Saharan Africa, and Asia are driving demand for stablecoin payments, with buyers paying eastward and manufactured goods flowing westward.Ilya Podoynitsyn, co-founder and CEO of FinHarbor, stated that companies need to confirm they have long-term idle funds that do not affect daily operations before allocating cryptocurrency assets. Michael Camarda, Chief Development Officer of SharpLink, an Ethereum treasury company, stated that both stock buybacks and increasing ETH holdings can enhance the per-share ETH ownership, and the company employs both methods to meet the preferences of institutional and retail investors.
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