Evernorth has selected Ripple, Kraken, Coinbase and BitGo to support investment strategies using its 473 million XRP treasury. The company plans to begin deploying the funds in the fourth quarter of 2026 as it looks for ways to generate returns while continuing to increase its XRP holdings.
Evernorth announced the partnerships on October 14, saying the initial phase will focus on institutional investment strategies. The company may later expand into lending and credit markets on the XRP Ledger once the network’s planned lending features receive validator approval and demonstrate reliable performance.
“We’re putting our treasury to work,” founder and CEO Asheesh Birla said.
The company aims to increase the amount of XRP held per share over time. Its investment strategy will focus on generating earnings from its existing holdings while managing liquidity, risk and relationships with institutional counterparties.
The agreements remain subject to customary closing conditions and any required regulatory and corporate approvals.
Evernorth plans institutional investments before XRP Ledger lending
During the first phase, Evernorth’s investment and risk team will oversee strategies through established institutional partners.
The company selected Ripple, Kraken, Coinbase and BitGo based on their infrastructure, licenses, financial resources and experience working with public companies and asset managers.
Evernorth said the partnerships are intended to support investment returns while maintaining appropriate risk controls, reporting standards and counterparty oversight for a Nasdaq-listed company.
The company also plans to direct treasury capital toward decentralized lending and credit markets on the XRP Ledger. However, that stage depends on the network’s native lending capabilities receiving validator approval and proving reliable in production.
Birla said Evernorth intends to provide capital when those markets become available. The company views institutional investment as the first step in a broader strategy that could eventually include on-chain financial services.
Evernorth’s plans follow its completed merger with Armada, which left the company with approximately 473 million XRP and around $300 million in gross cash proceeds before transaction expenses.
Its earlier disclosures identified tokenized assets, on-chain credit markets and settlement infrastructure as areas where it intends to deploy capital. Investors named in connection with the merger included Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
Nasdaq shares offer exposure to Evernorth’s XRP holdings
Evernorth trades on Nasdaq under the ticker XRPN, giving stock-market investors a way to gain corporate exposure to a business built around XRP holdings.
However, buying XRPN shares is not the same as directly owning XRP or having the right to redeem shares for a fixed amount of the cryptocurrency.
The value of each share depends on factors including the company’s XRP holdings, outstanding shares, liabilities, financing arrangements and transaction costs.
Evernorth’s merger disclosures detailed several components of its projected treasury, including 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 disclosed breakdown also included approximately 84.37 million XRP acquired for $214 million at an average price of about $2.53657 per token. Advance and delayed contribution arrangements accounted for another 800,000 XRP.
The company adjusted its listing timetable before completing the merger. An administrative issue moved the expected closing from October 7 to October 9, while the planned Nasdaq debut shifted from October 8 to October 12.
Evernorth said the delay was not expected to prevent the transaction from being completed. Armada shareholders had approved the business combination at an extraordinary general meeting on September 30.
Hugo Jeandesboz will oversee treasury strategy
Evernorth appointed Hugo Jeandesboz as chief investment officer on September 28 to lead its investment program.
Jeandesboz reports to Birla and is responsible for treasury allocation, liquidity management and active management of the company’s XRP holdings. He also serves as the senior contact for trading counterparties and custodians.
Before joining Evernorth, he worked as co-chief investment officer at Coinbase Asset Management, where he led its Solutions business and managed investment strategies for institutional clients.
He previously served as Coinbase’s lead derivatives trader, covering options, futures and on-chain markets. His earlier experience included interest-rate derivatives trading at HSBC in New York and fixed-income and quantitative trading roles at Société Générale.
Jeandesboz said the four selected partners meet Evernorth’s counterparty requirements. He added that the company intends to apply the same risk-management standards to future investments in on-chain markets.
Convertible financing could support additional XRP purchases
Evernorth has also arranged convertible debt financing that could provide additional capital for XRP purchases and other business activities.
In September, the company disclosed an agreement to issue $30 million in senior unsecured notes carrying a 4% annual payment-in-kind interest rate.
The agreement, signed on September 11, names NH Investment & Securities as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. Issuance and payment were scheduled to take place alongside completion of the business combination.
The permitted uses of the proceeds include general corporate purposes, XRP purchases and activities within the XRP ecosystem.
Under the terms, interest is added to the principal and compounds every six months. The notes are scheduled to mature in 2031 unless they are converted, redeemed or repurchased earlier.
Holders can begin converting the notes into shares one year after the agreement’s effectiveness date. The initial conversion rate is 98.03921 Class A shares for every $1,000 of principal, equivalent to a conversion price of approximately $10.20 per share.
Together, the institutional partnerships and financing arrangements give Evernorth several ways to manage its XRP treasury. Its immediate focus is on institutional investment strategies, while participation in XRP Ledger lending markets remains dependent on the necessary approvals and demonstrated operational reliability.
