Evernorth Partners With Ripple, Kraken, Coinbase and BitGo to Deploy 473M XRP Treasury

Nasdaq-listed Evernorth has partnered with Ripple, Kraken, Coinbase and BitGo to deploy its 473 million XRP treasury through institutional investment strategies, with initial operations scheduled to begin in late 2026.

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Evernorth Selects Four Partners for XRP Treasury Deployment

Evernorth announced on October 14 that the four firms will support its XRP accumulation and investment activities. The company expects to invest in institutional strategies in the fourth quarter of 2026 with its treasury assets.

CEO Asheesh Birla confirmed that the company would be looking to monetise its current cryptocurrency holdings. “We’re putting our treasury to work,” Birla said, outlining plans to increase XRP holdings per share.

The company selected its partners based on their institutional infrastructure, regulatory licenses, financial resources and asset management experience. Evernorth said the partnerships must meet customary closing conditions and receive any necessary regulatory approvals before proceeding.

Evernorth’s investment program is to first collaborate with existing institutions and then venturing into the decentralized financial market. The company intends to expand into lending and credit services as the XRP Ledger develops.

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XRP Treasury Strategy Expands Under New Investment Chief

Evernorth named Hugo Jeandesboz, CFA, as chief investment officer of its institutional treasury team on September 28 to lead the team’s institutional treasury strategy. He was previously co-chief investment officer at Coinbase Asset Management, overseeing investment solutions for institutional clients.

Jeandesboz will oversee the allocation of resources in the treasury, manage the liquidity and risk control, and oversee interactions with the company’s trading partners. He said Ripple, Kraken, Coinbase and BitGo meet Evernorth’s institutional counterparty requirements.

The strategy follows recent developments in XRP Ledger lending infrastructure, including efforts to introduce on-chain credit markets. Evernorth intends to invest when those services are up and running and a production record is set.

Nasdaq-Listed Evernorth Holds 473 Million XRP

Evernorth’s partnership announcement follows its business combination with Armada Acquisition Corp. II, completed on October 9. The sale resulted in gross cash proceeds of about $300 million before expenses.

The company subsequently began trading on Nasdaq under the ticker XRPN, holding approximately 473 million XRP in its treasury. It was scheduled for a public-market listing before it finally went public, which was listed on the Nasdaq.

Evernorth named Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR among its institutional investors. On October 9, it announced that the transaction was complete and that investors have invested both cash and XRP.