Evernorth’s 473 million XRP treasury targets institutional deployment in Q4 2026

Evernorth’s XRP treasury is moving beyond a buy-and-hold approach. According to the October 14, 2026 press release, the company has selected Ripple, Kraken, Coinbase and BitGo as its first institutional execution partners, while a document cited in the release dates an announcement of four partnerships to include XRP in the ecosystem to August 10, 2020. The company plans to begin deploying assets from its 473 million XRP treasury in the fourth quarter of 2026, with the aim of generating earnings and growing XRP per share.

Key takeaways

• Evernorth plans to put treasury XRP into institutional strategies starting in the fourth quarter of 2026.
• On-chain deployment is planned after XRP Ledger lending and credit capabilities prove themselves in production.
• Partnership agreements still require customary closing conditions and applicable approvals.

Evernorth Holdings Inc. set out the plan in a press release published by GlobeNewswire on October 14, 2026. The announcement marks the start of a phased deployment program, initially using established counterparties before adding decentralized finance strategies as the XRP Ledger’s financial infrastructure matures.

Institutional partners for Evernorth’s XRP treasury

Ripple, Kraken, Coinbase and BitGo will form the institutional partner group for the treasury deployment program. The company said it selected them for their institutional infrastructure, licensing, capitalization and experience working with public companies and asset managers.

The release describes the partners as a foundation for earning income on XRP while meeting the controls, reporting requirements and counterparty standards expected of a Nasdaq-listed business.

The arrangements are not unconditional. All partnership agreements remain subject to customary closing conditions and any required regulatory and corporate approvals.

473 million XRP, with deployment starting in the fourth quarter

Evernorth plans to continue accumulating XRP while beginning institutional deployment from its existing holdings in the fourth quarter of 2026. Its stated goal is to put the treasury to work rather than simply retain the assets.

The Block’s October 14 report valued the holdings at $648 million. Its October 12 report had placed their value at roughly $672 million and reported $300 million in cash before transaction expenses at the closing of the company’s business combination.

The earlier report described lending, liquidity provision and other yield strategies as ways the company intends to increase its XRP-per-share metric. The deployment plan combines that earnings objective with participation in the XRP ecosystem.

Phased XRP Ledger strategies under Hugo Jeandesboz

Evernorth’s XRP treasury strategy begins with institutional counterparties and adds on-chain strategies as the ledger’s capabilities mature. The first phase uses strategies available through established institutions, overseen by the company’s investment and risk team.

Direct allocation to on-chain markets is planned after the XRP Ledger’s native lending and credit capabilities are activated by validators and demonstrated in production. That sequence makes decentralized finance deployment a later phase, not the starting point.

Founder and CEO Asheesh Birla linked the program to increasing XRP per share and supporting ecosystem growth. “We’re putting our treasury to work,” he said in the release.

Hugo Jeandesboz, appointed Chief Investment Officer on September 28, 2026, oversees the deployment program and risk management. He joined from Coinbase Asset Management, where he was Co-Chief Investment Officer and led Solutions investment strategies.

His experience spans more than a decade of institutional trading and portfolio management across digital assets and fixed income, including roles at HSBC and Société Générale. The Block also reported that he previously served as Coinbase’s lead derivatives trader.

Jeandesboz framed treasury management around accountability to a public-company board: “That means a treasury strategy, a risk framework and counterparties you would be comfortable explaining to a public-company board.” He said the same discipline would guide the move on-chain.

Nasdaq listing puts the deployment plan in public-company context

Evernorth shares began trading on the Nasdaq Global Market under XRPN on October 8, 2026, following its business combination with Armada Acquisition Corp. II. The company describes its structure as providing regulated, liquid and transparent exposure to XRP.

The release also scheduled Evernorth to ring the Nasdaq closing bell on October 14, 2026, to celebrate its public-company debut.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.