Breaking: Evernorth Taps Ripple, Kraken, Coinbase, and BitGo to Deploy 473M XRP Treasury

Evernorth Holdings has partnered with four major cryptocurrency companies to support the deployment of its 473 million XRP treasury holdings. The Nasdaq-listed company selected Ripple, Kraken, Coinbase, and BitGo as its inaugural institutional execution partners.

According to the company’s announcement, Evernorth plans to begin deploying its XRP holdings through institutional strategies in the fourth quarter of 2026. The initiative aims to generate investment earnings and increase XRP holdings per share rather than relying solely on accumulation.

The deployment program forms part of Evernorth’s broader treasury management strategy, combining institutional investment activities with potential blockchain-based lending opportunities. Its initial operations will involve established financial counterparties before expanding into decentralized finance services on the XRP Ledger.

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Evernorth Outlines Institutional XRP Treasury Strategy and Risk Management Plans

Evernorth holds approximately $648 million worth of XRP, placing substantial capital under its planned institutional investment program. The company intends to generate additional returns while maintaining financial controls appropriate for a publicly traded digital asset treasury business.

Founder and CEO Asheesh Birla emphasized the company’s decision to actively manage its cryptocurrency reserves through institutional partnerships.

“We’re putting our treasury to work,” Birla stated.

Birla explained that Evernorth selected established institutional counterparties to support its treasury operations and investment objectives. The company also intends to allocate capital to XRP Ledger credit markets once the necessary financial infrastructure becomes operational.

Ripple, Kraken, Coinbase, and BitGo were selected based on their institutional infrastructure, financial strength, regulatory credentials, and market experience. Their involvement will support Evernorth’s investment execution while providing access to established institutional trading and custody services.

Evernorth’s investment and risk management teams will oversee treasury allocations, assess counterparties, and supervise the execution of institutional strategies. These measures will support financial reporting requirements and investment controls associated with the company’s Nasdaq listing.

Chief Investment Officer Hugo Jeandesboz will lead the program, bringing experience in digital assets, institutional trading, and fixed income markets. Evernorth appointed Jeandesboz on September 28, following his previous role as Co-Chief Investment Officer at Coinbase Asset Management.

“The question for any treasury is not whether it can hold an asset, but whether it can manage one,” Jeandesboz stated.

His professional background also includes positions at HSBC and Société Générale, where he gained experience across traditional financial markets. Jeandesboz will supervise investment strategies and risk management procedures as Evernorth expands its institutional treasury activities.

Evernorth Plans XRP Ledger Lending Expansion Following Nasdaq Listing

Beyond institutional investment activities, Evernorth intends to deploy treasury capital into decentralized lending and credit markets on the XRP Ledger. The company will introduce these strategies once validators activate the relevant capabilities and the infrastructure demonstrates reliable production performance.

This phased approach will allow Evernorth to use established counterparties while preparing for direct participation in blockchain-based financial services. Its planned expansion includes allocating XRP holdings to on-chain markets under the company’s existing investment oversight framework.

Evernorth began trading on the Nasdaq Global Market under XRPN on October 8, following its merger with Armada Acquisition Corp. II. The company also scheduled a Nasdaq closing bell ceremony on October 14 to mark its public market debut.

Meanwhile, the partnership agreements remain subject to customary closing conditions and any required corporate or regulatory approvals. Evernorth’s strategy combines institutional XRP investment activities with planned lending operations, supporting its objective of generating earnings from treasury holdings.

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