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Evernorth plans to begin deploying its 473 million XRP treasury, worth roughly $648 million, through institutional strategies in the fourth quarter. It named Ripple, Kraken, Coinbase and BitGo as its first partners, but did not disclose how much XRP it intends to deploy.
The announcement came two days after Evernorth began trading on Nasdaq under the ticker XRPN following a deSPAC merger with Armada Acquisition Corp. II. Founder and CEO Asheesh Birla said the company is putting its treasury to work with established institutional counterparties.
Why it matters
Evernorth’s objective is to generate earnings and increase XRP holdings per share, rather than relying only on outright accumulation. That makes execution and risk management central to the strategy: the company’s new chief investment officer, Hugo Jeandesboz, said the approach includes a treasury strategy, a risk framework and counterparties suitable for a public-company board.
The company also plans to expand into lending and onchain DeFi strategies on the XRP Ledger as those features become available. Those plans could broaden how Evernorth seeks returns from its XRP holdings, though the announcement provides no deployment amount or expected earnings.
Market impact
XRPN shares have been relatively flat since opening at $16.68 on Monday. The stock closed Tuesday at $16.48 and edged up to $16.60 in after-hours trading.
The initial partner roster links Evernorth’s treasury plans to Ripple and major crypto firms, but the scale of deployment remains unspecified. Investors will be watching for details on the strategies, risk controls and any subsequent expansion into XRP Ledger lending and DeFi.
Frequently asked questions
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How much XRP does Evernorth plan to deploy in the fourth quarter?
Evernorth did not specify how much XRP it intends to deploy. Its treasury holds 473 million XRP, worth roughly $648 million.
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Which firms will work with Evernorth on its XRP treasury strategy?
Evernorth named Ripple, Kraken, Coinbase and BitGo as its first partners for institutional strategies.
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What does Evernorth want to achieve by putting its XRP treasury to work?
The company aims to generate earnings and increase XRP holdings per share, rather than relying only on outright accumulation.
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Who is leading Evernorth's treasury strategy?
The strategy is led by CIO Hugo Jeandesboz, previously co-chief investment officer at Coinbase Asset Management.
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What additional XRP Ledger strategies is Evernorth considering?
Evernorth plans to expand into lending and onchain DeFi strategies on the XRP Ledger as those features become available.
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