Most crypto treasury companies buy a pile of tokens and then wait. Evernorth Holdings would like to do something with its pile.
The Nasdaq-listed firm, trading under the ticker XRPN, said on October 14, 2026 that it has brought in Ripple, Kraken, Coinbase and BitGo to help deploy and actively manage its treasury of 473 million XRP. That stash carries an approximate market value of $648 million at current prices.
The timing matters. Evernorth has been a public company for only a few days, and its first major move is to argue that idle tokens are a missed opportunity.
What Evernorth is actually doing
The plan is a phased deployment set to begin in Q4 2026. The company says it plans to expand into lending, credit markets and yield-generating DeFi strategies on the XRP Ledger as those features mature.
CEO Asheesh Birla summed up the pitch in a single line.
“We’re putting our treasury to work.”
The treasury strategy itself sits with Chief Investment Officer Hugo Jeandesboz. He previously served as co-CIO at Coinbase Asset Management, which helps explain why Coinbase shows up on the partner list.
Each partner brings something distinct. Ripple is the company most closely associated with XRP. Kraken and Coinbase are two of the largest US crypto exchanges. BitGo is known for institutional custody, the business of safely storing digital assets for large holders.
A fast path from SPAC to strategy
Evernorth reached the public markets through a deSPAC merger with Armada Acquisition Corp. II. Shareholders approved the deal on September 30, 2026. The merger was finalized on October 9, 2026, and XRPN shares began trading on Nasdaq around October 12.
Two days later came the partnership announcement.
Birla is a former Ripple executive, and Jeandesboz comes from Coinbase’s asset management arm. Arrington Capital, SBI Group and Pantera Capital are among the firm’s backers.
Evernorth positions itself as a way for investors to get regulated public-market exposure to XRP and the broader XRP Ledger ecosystem.
Why active management changes the treasury playbook
Lending means counterparty exposure: the chance that a borrower doesn’t pay back. DeFi strategies carry smart contract risk, where bugs in the underlying code can lead to losses.
For now, the things worth watching are concrete. The first is whether the Q4 2026 deployment begins on schedule. The second is how much of the 473 million XRP actually moves into yield-generating activity, versus staying in custody.
The third is disclosure. As a Nasdaq-listed company, Evernorth will eventually have to show its work in public filings, including what returns its strategies produce and what risks they carry.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.