Evernorth, a Nasdaq-listed digital asset treasury company, has announced plans to deploy its 473 million XRP treasury through institutional execution partners Ripple, Coinbase, Kraken, and Bitgo. The deployment will begin this quarter, with the XRP currently valued near $639 million.
The announcement follows Evernorth's public market debut and coincides with the company ringing the Nasdaq closing bell on October 14. Evernorth's shares trade on Nasdaq under the ticker XRPN following its combination with Armada Acquisition Corp. II.
Active Treasury Management Strategy
Unlike traditional crypto treasury companies focused primarily on accumulation, Evernorth aims to measure success through what it calls productivity. Chief Executive Asheesh Birla stated that the company is putting its treasury to work to grow XRP per share over time.
The company selected its partners based on institutional infrastructure, licensing, capitalization, and experience serving asset managers and public companies. The strategy is designed to generate returns from XRP without abandoning the underlying treasury thesis.
Phased Deployment Approach
Evernorth said its initial phase will use strategies already available through established institutional counterparties, with oversight from its investment and risk team. The company plans to deploy conservatively at first.
In later phases, Evernorth intends to move capital directly onto the XRP Ledger. As native lending and onchain credit markets are activated by validators, the company plans to introduce decentralized finance strategies using treasury XRP. This could position Evernorth as a significant institutional liquidity provider in XRP-native credit markets if those markets develop.
Leadership and Execution
The program is overseen by Chief Investment Officer Hugo Jeandesboz, appointed in September. Jeandesboz previously served as co-chief investment officer at Coinbase Asset Management, leading Solutions strategies. His background includes more than a decade in digital assets and fixed income at firms including HSBC and Société Générale.
For the crypto treasury sector, Evernorth's approach represents a test of whether a public company can transform a large token reserve from a passive balance-sheet asset into an actively managed source of returns.
