Most corporate crypto treasuries follow a simple playbook: buy the coin, hold the coin, then spend earnings calls explaining the coin. Evernorth Holdings wants a more hands-on approach.
The XRP-focused company named Hugo Jeandesboz as its chief investment officer on October 12, 2026. That was the same day its shares started trading on Nasdaq under the ticker XRPN.
His mandate covers the company’s treasury and its XRP holdings.
The new CIO and the war chest
Evernorth arrived on public markets holding approximately 473 million XRP. At current prices, that position is worth about $672 million.
The company also brought $300 million in cash, measured before expenses.
Jeandesboz joins from Coinbase Asset Management. There, he managed investment strategies for institutional clients and led derivatives trading.
He has more than a decade of experience in institutional trading.
The company intends to put its holdings to work through lending, liquidity provision, and yield strategies. The stated aim is to increase the value of XRP backing each share.
How Evernorth got here
The Nasdaq listing followed a SPAC merger with Armada Acquisition Corp. II, which closed on October 9, 2026.
The investor roster includes Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.
Total transaction value exceeded $1 billion. That figure includes both the XRP stockpile and the cash that came along with it.
With its current holdings, Evernorth sits just outside the top 20 publicly traded corporate holders of digital assets by value.
What this means for XRP and corporate treasuries
Evernorth’s strategy is a break from the passive model that dominates corporate digital asset holdings. Most of those companies treat their tokens as a long-term store of value and leave them untouched.
That difference matters for anyone weighing XRPN against simply buying XRP directly. If active management works, the stock could offer a growing XRP-per-share figure that holding the token alone cannot provide.
The trade-off is risk. Lending creates exposure to borrowers who may not pay back, and providing liquidity carries its own market risks.
For institutional investors, Evernorth may offer regulated, exchange-listed exposure to XRP with an active yield component.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.