Key facts
- Evernorth partnered with Ripple, Kraken, Coinbase, and BitGo to deploy its 473 million XRP treasury.
- Initial operations are scheduled to begin in late 2026.
- Evernorth expects to invest in institutional strategies in the fourth quarter of 2026.
- CEO Asheesh Birla confirmed plans to monetize current cryptocurrency holdings and increase XRP holdings per share.
- Hugo Jeandesboz, formerly co-chief investment officer at Coinbase Asset Management, was named chief investment officer of Evernorth's institutional treasury team.
- Evernorth holds approximately 473 million XRP in its treasury.
Nasdaq-listed Evernorth has announced a strategic partnership with Ripple, Kraken, Coinbase, and BitGo to manage and deploy its treasury of 473 million XRP. The company plans to utilize institutional investment strategies, with operations expected to commence in late 2026. This initiative aims to monetize Evernorth's existing cryptocurrency holdings and increase XRP holdings per share.
Evernorth selected its partners based on their robust institutional infrastructure, regulatory compliance, financial capacity, and asset management expertise. The partnerships are contingent on customary closing conditions and necessary regulatory approvals.
The company intends to initially collaborate with established institutions before expanding into the decentralized finance market, with future plans to venture into lending and credit services as the XRP Ledger's infrastructure matures. This strategic move follows recent advancements in XRP Ledger lending infrastructure, including the development of on-chain credit markets.
Leading this initiative is Hugo Jeandesboz, who was appointed chief investment officer of Evernorth's institutional treasury team on September 28. Jeandesboz previously served as co-chief investment officer at Coinbase Asset Management. He will be responsible for resource allocation, liquidity and risk management, and managing interactions with trading partners.
The announcement comes after Evernorth's business combination with Armada Acquisition Corp. II, which concluded on October 9, yielding approximately $300 million in gross cash proceeds. Following this, Evernorth began trading on Nasdaq under the ticker XRPN, with its treasury holding about 473 million XRP. Institutional investors, including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR, participated in the transaction, investing both cash and XRP.