An XRP treasury SPAC has surged nearly 300% ahead of its merger with Evernorth, which expects to hold approximately 473 million XRP worth roughly $714 million at closing. The deal includes $300 million in gross cash proceeds from private placements, convertible notes, and trust funds, alongside direct XRP contributions from backers. CoinDesk calculations suggest approximately 80% of trust money will be returned to shareholders through redemptions, potentially reducing public float and amplifying price volatility. Evernorth has already spent $214.1 million acquiring 84.4 million XRP at an average price of $2.54, a position now worth approximately $127 million at current levels around $1.51. The transaction arrives as other cryptocurrency treasury listings face post-merger struggles, with Tether-backed Twenty One falling 25% on its NYSE debut and ProCap BTC losing more than 60% following its own merger.