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Evernorth Holdings has selected Ripple, Coinbase, Kraken and BitGo as institutional execution partners to actively deploy its 473 million XRP treasury, valued at roughly $648 million.
Evernorth Holdings, a Nasdaq-listed company holding one of the largest public XRP treasuries, has named Ripple, Coinbase, Kraken and BitGo as its first institutional execution partners. The company announced on October 14 that it plans to actively deploy its 473 million XRP holdings, worth roughly $648 million, to generate earnings and increase XRP per share over time.
The initial phase of deployment is expected to begin during the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals. Evernorth has not disclosed the specific allocation sizes, counterparty breakdowns or expected returns for this initial phase.
The four partners were selected based on their institutional infrastructure, regulatory arrangements, capitalization and experience serving public companies and asset managers. The inclusion of BitGo, primarily a digital asset custodian, alongside Ripple, the company behind the XRP Ledger, and regulated exchanges Kraken and Coinbase, suggests the arrangement spans custody, trading infrastructure and liquidity access.
The investment program will be overseen by Hugo Jeandesboz, who was appointed chief investment officer on September 28. Jeandesboz previously served as co-chief investment officer at Coinbase Asset Management, where he led the Solutions business. He reports to Founder and CEO Asheesh Birla.
Birla framed the move as a departure from conventional passive holding. "We're putting our treasury to work," Birla said. Jeandesboz emphasized the need for rigorous risk management, stating, "That means a treasury strategy, a risk framework and counterparties you would be comfortable explaining to a public-company board."
Evernorth’s longer-term plans include allocating treasury capital directly to decentralized financial applications on the XRP Ledger. This expansion is contingent on native lending and credit capabilities receiving validator approval and demonstrating reliable production performance. The XRP Ledger has been developing protocol-level lending infrastructure that separates credit assessment from blockchain execution, with underwriting handled off-chain.
Evernorth completed its business combination with Armada Acquisition Corp. II and entered public markets with approximately 473 million XRP and about $300 million in gross cash proceeds before transaction expenses. Sources report conflicting dates for the start of trading, with some citing October 8 and others October 12.
The company’s treasury was assembled through purchases and contributions, including 126,791,458 XRP contributed by Ripple and approximately 211.32 million XRP associated with the sponsor. Evernorth also signed an agreement to issue $30 million in senior unsecured notes with a 4% annual payment-in-kind interest rate, with maturity scheduled for 2031.
Evernorth’s strategy represents a shift from passive crypto accumulation to active yield generation for public companies. By leveraging institutional partners, the company aims to increase XRP per share through lending and liquidity provision, though this introduces counterparty and operational risks not present in passive custody. The success of this model will depend on the execution of these strategies and the future development of on-chain credit markets on the XRP Ledger.
Sources
This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.
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