Evernorth names Ripple, Kraken, Coinbase and BitGo to deploy its $648M XRP treasury

Evernorth, the XRP-holding company that began trading on the Nasdaq this week, said Wednesday it will start putting its treasury "to work" in the fourth quarter, naming Ripple and the exchanges Kraken, Coinbase and BitGo as its first counterparties, according to The Block.

The company holds 473 million XRP — worth roughly $648 million at current prices, per The Block's valuation — and started trading Monday under the ticker XRPN, two days before the announcement, following a deSPAC merger with Armada Acquisition Corp. II. It is scheduled to ring the Nasdaq closing bell Wednesday afternoon.

Founder and CEO Asheesh Birla framed the plan as generating yield rather than simply stockpiling the token: "We're putting our treasury to work," he said, adding that the company is "beginning with some of the strongest institutional counterparties in the industry." The stated goal is to grow earnings and holdings-per-share, not just accumulate. Evernorth also said it intends to expand into lending and on-chain DeFi strategies on the XRP Ledger "as those features become available" — i.e., not yet live.

The program is led by new chief investment officer Hugo Jeandesboz, previously co-chief investment officer at Coinbase Asset Management. "That means a treasury strategy, a risk framework and counterparties you would be comfortable explaining to a public-company board," Jeandesboz said.

Key facts

• Holdings: 473 million XRP, ~$648M at current prices (The Block).
• First partners: Ripple, Kraken, Coinbase, BitGo (The Block, citing Evernorth's Wednesday announcement).
• Deployment start: Q4 2026, via "institutional strategies"; amount to be deployed not disclosed.
• Listing: trading on Nasdaq as XRPN since Monday, Oct. 12, after a deSPAC merger with Armada Acquisition Corp. II.
• Shares: opened Monday at $16.68, closed Tuesday at $16.48, edged to $16.60 after-hours — roughly flat (The Block).
• Leadership: CEO Asheesh Birla; CIO Hugo Jeandesboz, ex-co-CIO at Coinbase Asset Management.

The real-world read

This is a company announcement relayed by The Block, and the specifics that matter are the ones not disclosed. Evernorth did not say how much of its XRP it will actually deploy, what yield it expects, or on what terms — so "putting our treasury to work" is, for now, an intention, not a measured return. The $648 million figure floats with XRP's price; it is a mark, not cash raised. The lending and DeFi ambitions are explicitly gated on XRP Ledger features that aren't available yet. Note too the orbit: the new CIO came from Coinbase Asset Management, and Coinbase is among the named counterparties. "Strongest institutional counterparties in the industry" is the company's framing, not an independent assessment — discount it accordingly. The flat share price since Monday suggests the market is, so far, treating the news as incremental.

Opinion, and whose

Birla and Jeandesboz (Evernorth) pitch a yield-and-governance story — a risk framework "you would be comfortable explaining to a public-company board." That is the company's characterization of its own strategy, not a track record.

Sources

• The Block (Tier 2, reputable secondary), Oct. 14, 2026 — reported the partners, the 473M XRP / ~$648M figures, the Q4 timing, listing details, leadership and share prices; the piece is based on Evernorth's own Wednesday announcement, so the strategy claims and the "strongest counterparties" language originate as company marketing.

This is news coverage, not investment advice.