Evernorth Holdings has selected Ripple, Kraken, Coinbase, and BitGo as its inaugural institutional execution partners to begin deploying its 473 million XRP treasury, worth approximately $648 million, under institutional strategies starting in the fourth quarter of 2026.
The Nasdaq-listed company announced the partnership on October 14, 2026, as it prepared to ring the Nasdaq closing bell to mark its public market debut. Evernorth began trading on the Nasdaq Global Market under the ticker XRPN following completion of its business combination with Armada Acquisition Corp. II, a transaction that raised about $300 million in gross cash proceeds.
Founder and CEO Asheesh Birla said, “We’re putting our treasury to work.” Evernorth said the four partners were selected for their institutional infrastructure, financial strength, regulatory credentials, licensing, capitalization, and experience serving public companies and asset managers. Ripple and Kraken are also among Evernorth’s investors.
Chief Investment Officer Hugo Jeandesboz, formerly Co-Chief Investment Officer at Coinbase Asset Management, will oversee treasury deployment, investment execution, and risk management. The company plans to generate investment earnings and increase XRP holdings per share, rather than relying solely on accumulation. Its initial operations will use established financial counterparties before expanding into decentralized lending and credit markets on the XRP Ledger, once validator-enabled native lending and on-chain credit capabilities are live and proven.
Evernorth holds approximately 473 million XRP, making it the largest publicly traded pure-play XRP treasury company. The partnership agreements remain subject to customary closing conditions and corporate or regulatory approvals. The phased strategy aims to move treasury capital into on-chain markets under existing investment oversight as XRP Ledger financial infrastructure matures.
