Evernorth XRP Treasury Names Ex-Coinbase as CIO, Why Is XRPN Stock Falling?

Evernorth Holdings, Ripple-backed XRP treasury, has appointed Hugo Jeandesboz as Chief Investment Officer. The announcement came Monday as the firm positions to debut on Nasdaq under the XRPN stock ticker.

Jeandesboz joins from Coinbase Asset Management, where he served as Co-Chief Investment Officer and led the firm’s Solutions investment strategies for institutional clients. He will report to Evernorth founder and CEO Asheesh Birla, a former senior Ripple executive.

Evernorth Holdings took to X to reach out to its stakeholders and the broader crypto community about hiring Hugo Jeandesboz to lead XRP treasury strategy across allocation, liquidity management, and active management of Evernorth’s XRP holdings.

He will also serve as the primary contact for trading counterparties and custodians. Hugo brings more than a decade of institutional trading and portfolio management experience across digital assets and traditional markets.

The appointment supports Evernorth’s strategy of an active treasury model that requires active management. The company aims to grow XRP per share over time through institutional lending, liquidity provision, DeFi yield strategies, ecosystem participation, and capital markets activities.

“Hugo brings distinct experience that aligns with our active treasury strategy,” said Asheesh Birla, Founder and Chief Executive Officer of Evernorth. He also highlighted emerging opportunities in tokenized real-world assets (RWAs) and XRP Ledger.

XRPN Stock Plunges Ahead of Evernorth XRP Treasury’s NASDAQ Debut Today

As CoinGape reported, Ripple-backed Evernorth is set to begin trading on Nasdaq today under XRPN, holding approximately 473 million XRP. The company completed its merger with Armada Acquisition Corp II on October 9, after a slight administrative delay.

The company listed its investors as Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital. Evernorth describes itself as the largest publicly traded business devoted entirely to managing an XRP treasury.

The firm also issued a correction noting that it issued 1,078,614 shares of Class A common stock to delayed-funding subscribers at closing. This was reported as 663,510 previously due to a clerical error. Many investors took this as XRPN stock dilution ahead of NASDAQ debut.

XRPN stock was trading 5% down in premarket trading hours before the Evernorth XRP treasury’s debut. The stock opened 17% higher, but pared gains and dropped to nearly 5% amid a sell-the-news strategy and other headwinds. Notably, the stock dropped more than 35% last week following a recent rally to $53.

The stock is also correlated with the performance of XRP price. Notably, XRP price dropping more than 1% to $1.38 in the past few hours amid a wider crypto market fall led to selling pressure on the stock.

However, XRPN stock is up 70% in a month and 76% year-to-date. Further positive news and XRP accumulation could trigger upside momentum in the stock.