Evernorth partners with Ripple, Kraken, Coinbase and BitGo to deploy $648 million XRP treasury
Evernorth names Ripple, Kraken, Coinbase and BitGo as XRP treasury partners
Evernorth announced on Wednesday that it has named Ripple, Kraken, Coinbase and BitGo as its first partners to help deploy its XRP treasury. The company holds 473 million XRP, worth roughly $648 million at current prices.
Evernorth plans to begin deploying the tokens through "institutional strategies" in the fourth quarter. The company said it will start with these partners before potentially expanding into lending and credit markets on the XRP Ledger as those features become available.
"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."
Key details
- Evernorth holds 473 million XRP, valued at about $648 million.
- The first phase will use institutional strategies with Ripple, Kraken, Coinbase and BitGo.
- The company also plans to explore XRP Ledger lending and DeFi strategies in the future.
- The announcement did not specify how much of the XRP holdings will be deployed initially.
- Hugo Jeandesboz, former co-chief investment officer at Coinbase Asset Management, will lead the strategy as Evernorth's new chief investment officer.
Corporate background
The announcement comes two days after Evernorth began trading on the Nasdaq under the ticker XRPN, following a deSPAC merger with Armada Acquisition Corp. II. The company is slated to ring the Nasdaq closing bell on Wednesday afternoon.
Evernorth's shares opened at $16.68 on Monday and closed Tuesday at $16.48, according to The Block.
What is confirmed
Evernorth holds 473 million XRP. It has named Ripple, Kraken, Coinbase and BitGo as first partners for its treasury deployment. Institutional strategies will begin in the fourth quarter. Hugo Jeandesboz is leading the program. The company plans to expand into XRP Ledger lending and credit markets when available.
What is still unclear
The announcement did not specify the amount of XRP that will be deployed in the first phase. Details on what specific institutional strategies will be used were not provided.
Why this matters
Evernorth's move signals a shift in how publicly traded crypto companies approach their XRP holdings. Rather than simply holding tokens, the company said it aims to generate earnings and increase its holdings per share. The partnership with major institutions like Ripple and well-known exchanges could set a template for other companies with large XRP treasuries.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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