TheBlock
Evernorth has appointed former Coinbase Asset Management co-chief investment officer Hugo Jeandesboz as investment chief ahead of its Nasdaq debut. The company reported holding 473 million XRP worth roughly $672 million, plus $300 million in cash, after completing its SPAC merger with Armada Acquisition Corp. II.
Jeandesboz will oversee treasury allocation, liquidity management and active management of Evernorth's XRP holdings under founder and CEO Asheesh Birla. Before joining Evernorth, he led investment strategies for Coinbase's institutional clients and served as the exchange's lead derivatives trader.
Why it matters
Evernorth is positioning itself as more than a buy-and-hold crypto treasury company. It plans to deploy XRP through lending, liquidity provision and other yield strategies to increase its XRP-per-share metric. That strategy places institutional risk management at the center of the company's public-market proposition.
The scale also makes Evernorth a notable corporate XRP holder. Its reported XRP position ranks just outside the 20 largest publicly traded corporate crypto holdings tracked by Bitcoin Treasuries. Birla said the company wants to participate in emerging XRP lending and DeFi opportunities rather than remain a passive holder.
Market impact
Evernorth's public debut follows sharp trading in Armada II shares before the merger closed. The stock rose from around $10.68 over the prior two weeks to as high as $53 on Oct. 2, then closed Friday at $17.09 before reaching $18.57 in after-hours trading.
The key market test will be whether Evernorth can turn its XRP balance into measurable per-share growth while managing liquidity and market risk. Its Nasdaq listing will give investors a public vehicle for evaluating an active XRP treasury model, including the execution risks that come with lending and DeFi strategies.
Frequently asked questions
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How much XRP does Evernorth hold?
Evernorth reported holding 473 million XRP worth roughly $672 million after its SPAC merger closed.
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Who will manage Evernorth's XRP treasury?
Former Coinbase Asset Management co-chief investment officer Hugo Jeandesboz will oversee treasury allocation, liquidity management and active XRP strategies.
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How does Evernorth plan to generate yield from XRP?
The company plans to use XRP lending, liquidity provision and other yield strategies instead of relying only on a buy-and-hold approach.
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What is Evernorth's XRP-per-share strategy?
Evernorth wants its active deployment of XRP to increase the XRP-per-share metric, making treasury management a central part of its public-market proposition.
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How volatile was Armada II trading before the merger closed?
Armada II shares rose from around $10.68 to as high as $53 on Oct. 2, then closed Friday at $17.09 and reached $18.57 in after-hours trading.
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