Evernorth deploys XRP treasury with Ripple, Coinbase and Kraken partners

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Evernorth XRP treasury strategy

Highlights

Evernorth begins deploying part of its 473 million XRP treasury (valued at $648 million) via institutional strategies in Q4 with Ripple, Kraken, Coinbase and BitGo.
XRPN shares, listed two days ago after a deSPAC with Armada Acquisition, opened at $16.68 and closed Tuesday at $16.48, with after-hours trading at $16.60.
Evernorth intends to expand beyond initial deployments into lending and onchain DeFi strategies on the XRP Ledger as infrastructure becomes available.

Institutional rollout begins in fourth quarter

The Block reports that Evernorth is starting to deploy part of its 473 million XRP treasury, valued at about $648 million at current prices, through what it describes as institutional strategies in the fourth quarter. Ripple, Kraken, Coinbase and BitGo are the first named partners as the company seeks to turn treasury assets into earnings and raise holdings per share.

Founder and chief executive Asheesh Birla says the company is putting its treasury to work and beginning with some of the strongest institutional counterparties in the industry. Evernorth does not specify how much XRP it plans to deploy under the initial phase.

The strategy is being led by new chief investment officer Hugo Jeandesboz, previously co-chief investment officer at Coinbase Asset Management. Jeandesboz says the approach requires a treasury strategy, a risk framework and counterparties that would be suitable for explanation to a public-company board.

Nasdaq listing sets market backdrop

The announcement comes two days after Evernorth starts trading on Nasdaq under the ticker XRPN following its deSPAC merger with Armada Acquisition Corp. II. The company is also scheduled to ring the Nasdaq closing bell on Wednesday afternoon.

XRPN shares remain relatively steady since opening on Monday at $16.68. The stock closes Tuesday at $16.48 before edging up to $16.60 in after-hours trading.

Beyond the initial institutional deployment, Evernorth says it plans to expand into lending and onchain DeFi strategies on the XRP Ledger as those capabilities become available. That broadens the company's treasury model from passive crypto exposure toward a more active balance-sheet strategy tied to digital-asset market infrastructure.

Our earlier article on Payward’s plan to acquire Lithuania-based Saldo Bank looked at how major crypto groups are pushing deeper into traditional financial services such as lending and card issuance under established regulatory frameworks. We noted that the move reflects rising demand for bank-like products alongside crypto trading and highlights the growing emphasis on compliant, institutional infrastructure as crypto companies compete more directly with traditional lenders.

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