Evernorth Partners with Crypto Giants to Put $648 Million XRP Treasury to Work

2026-10-16 companies

New York, Friday, 16 October 2026.
Fresh off its Nasdaq debut, Evernorth is deploying its 473 million XRP treasury with Ripple and major exchanges to generate yield, despite losing $443 million prior to listing.

Strategic Partnerships Announced

Evernorth Holdings Inc. (Nasdaq: XRPN) has officially announced strategic partnerships with Ripple, Coinbase, Kraken, and BitGo to deploy its institutional treasury of over 473 million XRP [1][2]. The announcement was made on October 14, 2026, marking a significant step for the company following its recent public listing [1][8]. Evernorth intends to actively monetize these assets through institutional strategies rather than holding them passively, aiming to generate yield and optimize liquidity [2][8]. The company’s Founder and CEO, Asheesh Birla, stated that the treasury is being put to work with some of the strongest institutional counterparties in the industry [1][8].

Market Debut and Valuation Context

This deployment strategy follows Evernorth’s debut on the Nasdaq Global Market, which commenced trading on October 8, 2026, following a business combination with Armada Acquisition Corp. II [8]. Some reports indicate the stock began trading on the Nasdaq on October 12, 2026, closing at $16.91 per share [3][5]. Prior to the listing, the company’s treasury of approximately 473 million XRP tokens experienced a value depreciation of $443 million due to market conditions [3]. Despite this, the company maintains an additional $300 million in cash reserves to support operations [3].

Deployment Roadmap and DeFi Integration

Evernorth plans to begin deploying capital from its treasury into institutional strategies in the fourth quarter of 2026 [1][8]. The initial phase focuses on established counterparty strategies before transitioning to on-chain decentralized finance (DeFi) strategies as the XRP Ledger’s native lending and credit capabilities mature [1][7]. Hugo Jeandesboz, appointed Chief Investment Officer on September 28, 2026, will oversee the treasury deployment strategy [1][8]. Jeandesboz, formerly of Coinbase Asset Management, emphasized that the same discipline governing public-company boards will apply to their on-chain movements as the ledger matures [8].

Comparative Market Position

While Evernorth holds 473 million XRP, this represents less than 1% of the 63 billion XRP in total circulating supply, calculated as 0.751 [5]. In comparison, spot XRP ETFs launched in late 2025 currently hold approximately 1.2 billion XRP, exceeding Evernorth’s holdings by more than a factor of two [4][5]. Analysts suggest that new digital asset treasury companies may have little to no immediate impact on the price of XRP, similar to the performance of spot XRP ETFs throughout 2026 [4][5]. Future share issuances by Evernorth could potentially restart XRP buying activity, though no specific dates have been provided for such issuances [3][5].

Sources

Crypto Treasury XRP Liquidity