Key Takeaways
- • Evernorth has selected Ripple, Kraken, Coinbase, and BitGo to support investment strategies for its 473 million XRP treasury, with initial deployment planned for the fourth quarter of 2026, according to crypto.news.
- • The company's first phase is institutional investment through established counterparties, with later participation in XRP Ledger lending and credit markets subject to validator approval and proven production operation.
- • The treasury was formed after the Armada merger, which left Evernorth with approximately 473 million XRP and about $300 million in gross cash proceeds before transaction expenses; shares trade on Nasdaq under XRPN.
- • Hugo Jeandesboz, appointed chief investment officer on Sep. 28 and formerly co-CIO at Coinbase Asset Management, will oversee allocation, liquidity, and counterparty relationships.
Summary
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. The company announced on Oct. 14 that it intends to generate earnings from its holdings while continuing to accumulate XRP, with the goal of increasing the number of tokens held per share. Founder and CEO Asheesh Birla said, "We're putting our treasury to work." The partnership agreements remain subject to customary closing conditions and required regulatory and corporate approvals.
The program has two stages. In the first, Evernorth's investment and risk team will oversee strategies run through established institutional counterparties. The company said it selected the four firms based on their infrastructure, licenses, financial resources, and experience serving public companies and asset managers, and that the arrangements are designed with controls and reporting suitable for a Nasdaq-listed business. Evernorth also plans to allocate treasury capital directly to decentralized markets once the XRP Ledger's native lending and credit capabilities receive validator approval and demonstrate reliable operation. Earlier merger disclosures identified tokenized assets, on-chain credit markets, and settlement infrastructure as areas for capital deployment.
The treasury was assembled through the Armada merger, which closed after Armada shareholders approved it at a Sep. 30 extraordinary general meeting. Per the definitive proxy, the projected total included 126,791,458 XRP contributed by Ripple, approximately 211.32 million XRP associated with the sponsor, and a 50 million XRP related-party contribution. Roughly 84.37 million XRP had been acquired for $214 million at an average price of about $2.53657 per token. The closing announcement named Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR among the investors supplying cash and digital assets. The closing date was moved from Oct. 7 to Oct. 9 and the Nasdaq debut from Oct. 8 to Oct. 12 following an administrative issue, which the company said was not expected to prevent completion. Shareholders now hold corporate equity rather than a direct redemption right for XRP, so per-share exposure also depends on outstanding shares, liabilities, financing, and transaction costs.
Jeandesboz, appointed CIO on Sep. 28, reports to Birla and leads treasury allocation, liquidity management, and active management of the XRP holdings. He also serves as the senior contact for trading counterparties and custodians. He previously was co-chief investment officer at Coinbase Asset Management, where he led its Solutions business, and earlier served as Coinbase's lead derivatives trader. He has also worked in interest-rate derivatives at HSBC and in fixed-income and quantitative trading at Societe Generale. In the partnership announcement, he said the four firms meet Evernorth's counterparty requirements and that the same risk discipline will govern future on-chain investments.
Separate financing supports further token purchases. Per an SEC-filed agreement signed Sep. 11, Evernorth agreed to issue $30 million in senior unsecured notes with a 4% annual payment-in-kind rate to NH Investment & Securities, acting as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. Permitted uses include general corporate purposes, XRP purchases, and XRP ecosystem activities. Interest compounds semiannually, with maturity in 2031 unless earlier converted, redeemed, or repurchased. Holders may convert beginning one year after the effectiveness date at an initial rate of 98.03921 Class A shares per $1,000 of principal, approximately $10.20 per share.
The program has two stages. In the first, Evernorth's investment and risk team will oversee strategies run through established institutional counterparties. The company said it selected the four firms based on their infrastructure, licenses, financial resources, and experience serving public companies and asset managers, and that the arrangements are designed with controls and reporting suitable for a Nasdaq-listed business. Evernorth also plans to allocate treasury capital directly to decentralized markets once the XRP Ledger's native lending and credit capabilities receive validator approval and demonstrate reliable operation. Earlier merger disclosures identified tokenized assets, on-chain credit markets, and settlement infrastructure as areas for capital deployment.
The treasury was assembled through the Armada merger, which closed after Armada shareholders approved it at a Sep. 30 extraordinary general meeting. Per the definitive proxy, the projected total included 126,791,458 XRP contributed by Ripple, approximately 211.32 million XRP associated with the sponsor, and a 50 million XRP related-party contribution. Roughly 84.37 million XRP had been acquired for $214 million at an average price of about $2.53657 per token. The closing announcement named Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR among the investors supplying cash and digital assets. The closing date was moved from Oct. 7 to Oct. 9 and the Nasdaq debut from Oct. 8 to Oct. 12 following an administrative issue, which the company said was not expected to prevent completion. Shareholders now hold corporate equity rather than a direct redemption right for XRP, so per-share exposure also depends on outstanding shares, liabilities, financing, and transaction costs.
Jeandesboz, appointed CIO on Sep. 28, reports to Birla and leads treasury allocation, liquidity management, and active management of the XRP holdings. He also serves as the senior contact for trading counterparties and custodians. He previously was co-chief investment officer at Coinbase Asset Management, where he led its Solutions business, and earlier served as Coinbase's lead derivatives trader. He has also worked in interest-rate derivatives at HSBC and in fixed-income and quantitative trading at Societe Generale. In the partnership announcement, he said the four firms meet Evernorth's counterparty requirements and that the same risk discipline will govern future on-chain investments.
Separate financing supports further token purchases. Per an SEC-filed agreement signed Sep. 11, Evernorth agreed to issue $30 million in senior unsecured notes with a 4% annual payment-in-kind rate to NH Investment & Securities, acting as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. Permitted uses include general corporate purposes, XRP purchases, and XRP ecosystem activities. Interest compounds semiannually, with maturity in 2031 unless earlier converted, redeemed, or repurchased. Holders may convert beginning one year after the effectiveness date at an initial rate of 98.03921 Class A shares per $1,000 of principal, approximately $10.20 per share.
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