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Evernorth has named Ripple, Kraken, Coinbase and BitGo to support investment strategies for its treasury of 473 million XRP, with an initial institutional deployment planned for the fourth quarter of 2026, according to Crypto.news.
The company announced the partnerships on Oct. 14, saying it intends to earn a return on tokens it already holds while continuing to accumulate more, measured as XRP per share. Chief investment officer Hugo Jeandesboz oversees allocation, liquidity management and counterparty relationships, and was appointed to the role on Sep. 28.
Also readRipple Taps Stripe's Privy to Bring XRPL Wallets to Apps
Key facts
- Evernorth’s treasury holds about 473 million XRP; Cryptobriefing put its approximate market value at $648 million at current prices, while Decrypt said the stash was worth about $677 million at the $1.43 reference price used in the merger’s closing filing.
- Ripple, Kraken, Coinbase and BitGo were selected for their infrastructure, licenses, financial resources and experience serving public companies and asset managers.
- Plans feature an initial institutional phase through established counterparties, followed by potential participation in lending and credit markets on the XRP Ledger once native capabilities receive validator approval and prove reliable in production.
- Jeandesboz was chief investment officer at Coinbase Asset Management previously; he said the four firms satisfy Evernorth’s counterparty requirements and that the same risk discipline would govern future on-chain investments.
- Evernorth closed its merger with Armada Acquisition Corp. II on Oct. 9, 2026, and XRPN shares began trading on Nasdaq around Oct. 12, per Cryptobriefing.
A SPAC listing, then a treasury mandate
The partnership is the first major strategic move for Evernorth since it became a public company. Decrypt reported that Evernorth’s stock had a thin float and volatile early trading, and that most of the treasury arrived by holders swapping XRP for stock: Arrington’s fund contributed about 211 million XRP, Ripple handed over about 127 million, a Larsen-linked trust added 50 million, and roughly 84 million were bought at an average of $2.53 using $214 million in early funding. The definitive proxy’s components closely match those figures, listing 126,791,458 XRP from Ripple, approximately 211.32 million associated with the sponsor and a separate 50 million related-party contribution, with 800,000 XRP in advance and delayed contribution arrangements.
Cryptobriefing noted that Evernorth reached the public markets through a deSPAC merger with Armada Acquisition Corp. II, that shareholders approved the deal on Sep. 30, 2026, and that the announcement came two days after shares began trading. Chief executive Asheesh Birla, a former Ripple executive, tied the program to the goal of raising XRP per share.
Also readXRP Ledger passes 13M x402 AI payments, RippleX says
A planned treasury draw
Separate financing documents allow capital to be raised for further token purchases. A Sep. 21 report by Crypto.news described an agreement to issue $30 million in senior unsecured notes at a 4% annual payment-in-kind rate, signed with NH Investment & Securities as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. Permitted uses cover general corporate purposes, XRP purchases and activities in the XRP ecosystem. Interest compounds semiannually and matures in 2031 unless the notes are converted, redeemed or repurchased earlier, with conversion rights beginning one year after the effectiveness date.
Why it matters
Digital asset treasury companies typically buy tokens and hold them. Cryptobriefing framed Evernorth’s approach as a bet that idle tokens are a missed opportunity for a Nasdaq-listed firm. Lending strategies add borrower or counterparty risk, and DeFi strategies add smart contract risk; as a listed company Evernorth faces disclosure obligations that private holders do not. Decrypt’s reporting also shows what shareholders actually own: corporate equity whose XRP exposure per share shifts with outstanding shares, liabilities, financing and transaction costs, rather than a fixed redemption right to a set number of tokens.
What to watch
The startup of the Q4 2026 deployment, how much of the 473 million XRP actually moves into yield-generating activity rather than staying in custody, and when XRP Ledger validators clear the native lending and credit features that the second phase depends on. Evernorth’s public filings will show what returns the strategies generate and what risks they carry.
This is not financial advice, and crypto markets are volatile and uncertain.
Sources: crypto.news, Cryptobriefing, Decrypt
