Evernorth has selected Ripple, Kraken, Coinbase and BitGo to support investment strategies using its 473 million XRP treasury, with initial deployment planned for the fourth quarter of 2026. According to the company's announcement on October 14, the partnership agreements remain subject to customary closing conditions and any required regulatory and corporate approvals. The announcement comes within one week of Evernorth's debut as a Nasdaq-listed company, as the company rings the Nasdaq closing bell today to celebrate its public company debut. The company plans to generate earnings from its holdings while continuing to accumulate XRP, pursuing an increase in the number of tokens held per share. As per the latest reports, the company's treasury is currently valued near $648 million, representing a significant increase from previous estimates and demonstrating the active management approach the company is pursuing. XRP currently trades near $1.30, down 6% over 24 hours, as traders weigh the institutional treasury plan against macroeconomic factors.
For the first stage, Evernorth's investment and risk team will oversee strategies conducted through established institutional counterparties. The company selected its partners based on their infrastructure, licenses, financial resources and experience serving public companies and asset managers. Hugo Jeandesboz has been appointed as chief investment officer, reporting to founder and CEO Asheesh Birla and leading treasury allocation, liquidity management and active management of XRP holdings. Jeandesboz joined from Coinbase Asset Management, where he was co-CIO and led Solutions strategies, bringing more than a decade of experience across digital assets and fixed income at firms including HSBC and Société Générale. According to the announcement, the partnerships are intended to support earnings generation with controls, reporting and counterparty standards suitable for a Nasdaq-listed business. Each partner will support different aspects of Evernorth's operations, with Ripple connecting the company with the XRP ecosystem and its infrastructure, while Kraken and Coinbase will provide exchange services for executing trades, and BitGo will support institutional custody of digital assets. The partnerships mark the start of a phased approach to put the company's XRP treasury to work rather than simply hold it.
Under the company's announced terms, Evernorth plans to allocate treasury capital directly to decentralized markets once the XRP Ledger's native lending and credit capabilities have received validator approval and demonstrated reliable operation. The company described an initial institutional investment phase, followed by potential participation in lending and credit markets on the XRP Ledger. CEO Asheesh Birla emphasized the company's strategy, stating "We're putting our treasury to work. That is how we grow XRP per share over time." The program could make Evernorth one of the more important institutional liquidity providers in XRP-native credit markets if those markets gain adoption, shifting from passive reserves toward yield and onchain credit as XRPL DeFi matures. Evernorth has not disclosed how much of its XRP treasury will be allocated to each strategy or provided specific return targets, with plans depending on market conditions and development of new opportunities. The success of this onchain strategy will hinge on whether lending liquidity and borrower demand materialize, and whether XRP Ledger credit markets can function reliably at institutional scale.
Evernorth shares opened at $16.68 on Monday, October 12, briefly climbed to $19.38, and closed at $16.91 on the debut day. On Wednesday, October 14, XRPN closed at $15.26, down 7.40%, giving traditional investors stock-market exposure to a large XRP treasury without buying tokens directly. Against this backdrop, XRP price is up 1.72% over the past 24 hours, according to BeInCrypto data, trading near $1.34 as of mid-October. The investment mandate was already outlined in Evernorth's merger disclosures, with the company's completed Armada merger leaving it with approximately 473 million XRP and about $300 million in gross cash proceeds before transaction expenses. The company assembled its projected treasury through purchases and contributions, with 126,791,458 XRP contributed by Ripple, approximately 211.32 million XRP associated with the sponsor, and a separate 50 million XRP related-party contribution. The company also secured $30 million in convertible debt financing with a 4% annual payment-in-kind interest rate, providing additional capital for token purchases.
With Evernorth now trading under XRPN, U.S. stock-market investors can purchase equity in the company that owns and manages the XRP holdings. According to the September 30 report examining the XRP treasury's ownership structure, shareholders own corporate equity rather than a direct redemption right for a fixed number of XRP. The exposure behind each share also depends on outstanding shares, liabilities, financing, and transaction costs. The company's closing announcement named Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR among the investors supplying cash and digital assets in the merger disclosures. For the crypto treasury sector, the development is significant as Evernorth tests whether a public company can turn a large token reserve from a passive balance-sheet asset into an actively managed source of returns. The announcement shows the company is moving forward with deployment, but outcomes remain uncertain and will take time to assess. Investors holding or considering XRPN through major brokers should recognize that returns now depend on Evernorth's treasury management decisions, not just XRP price movements.
