Evernorth appoints investment chief as XRP treasury company completes SPAC merger before Nasdaq debut

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Evernorth XRP treasury Nasdaq

Highlights

Evernorth completed its SPAC merger with Armada Acquisition Corp. II, appointing Hugo Jeandesboz as investment chief ahead of its Nasdaq debut.
Evernorth holds approximately 473 million XRP and $300 million in cash, shifting to an active treasury strategy including lending and liquidity provision.
Armada II shares surged from $10.68 to $53 before settling at $17.09 and later $18.57 after-hours, reflecting strong market interest in Evernorth's XRP-focused model.

XRP treasury strategy and leadership plan

As reported by The Block, Evernorth has completed its SPAC merger with Armada Acquisition Corp. II and has named former Coinbase Asset Management co-chief investment officer Hugo Jeandesboz as investment chief ahead of its Nasdaq debut.

The company is shifting beyond a passive crypto holding model and plans to use lending and liquidity provision to increase its XRP-per-share ratio. Chief executive Asheesh Birla says experienced leadership is important as opportunities in lending and decentralized finance continue to develop.

Before transaction-related expenses, Evernorth says its balance sheet includes about 473 million XRP and $300 million in cash. The appointment of Jeandesboz is meant to support a more active treasury approach as the company seeks yield from its digital asset position.

Trading response and crypto market implications

Shares of Armada II show sharp volatility around the transaction, rising from about $10.68 to as high as $53 before later trading at $17.09. After-hours trading lifts the stock further to $18.57, signaling strong market interest in the merger and the XRP-focused treasury strategy.

Evernorth's move stands out in the crypto sector because it is pairing a public listing with active management of a large token treasury rather than simply holding assets on its balance sheet. That approach could increase both potential returns and exposure to market, lending and liquidity risks as the company begins trading on Nasdaq.

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