Evernorth taps Ripple, Kraken, Coinbase and BitGo to put $648 million XRP treasury to work

Evernorth, a newly listed XRP-focused treasury company, unveiled its first institutional partners on Wednesday as it prepares to put its digital asset holdings to work: Ripple, Kraken, Coinbase and BitGo. Deployments under the program are set to begin in the fourth quarter.

The company holds 473 million XRP, a stake worth roughly $648 million at current prices. The announcement came two days after Evernorth began trading on the Nasdaq under the ticker XRPN, following its deSPAC combination with Armada Acquisition Corp. II.

"We're putting our treasury to work," founder and CEO Asheesh Birla said. "We are beginning with some of the strongest institutional counterparties in the industry."

According to Evernorth, the aim is to generate earnings from its XRP holdings and increase the amount of XRP held per share, rather than pursuing outright accumulation alone. The company did not disclose how much of its treasury would be deployed, nor the terms of its arrangements with the four partners.

Lending and onchain plans

Beyond the initial institutional strategies, Evernorth said it plans to expand into lending and onchain DeFi strategies on the XRP Ledger as those features become available. The effort is being led by its newly appointed chief investment officer, Hugo Jeandesboz, who previously served as co-chief investment officer at Coinbase Asset Management. Jeandesboz described the approach as one built around a treasury strategy, a risk framework and counterparties that a public-company board would be comfortable explaining.

XRPN shares have been little changed since their Monday debut. The stock opened at $16.68, closed Tuesday at $16.48 and edged up to $16.60 in after-hours trading. Evernorth was slated to ring the Nasdaq closing bell on Wednesday afternoon.