Evernorth Taps Ripple, Kraken, Coinbase and BitGo to Put $648M XRP Treasury to Work

Published October 14, 2026, 14:45 UTC. Based on Evernorth Holdings Inc.'s October 14, 2026 press release distributed via Globe Newswire, and secondary reporting from The Block dated October 14, 2026.

Evernorth Holdings Inc. (Nasdaq: XRPN), the digital asset treasury company that began trading on the Nasdaq this month, announced on October 14, 2026 that it has named Ripple, Kraken, Coinbase and BitGo as its inaugural institutional execution partners, setting up the machinery to put its 473 million XRP treasury to work. The company said it will begin deploying the holdings into institutional strategies in the fourth quarter of 2026, a shift from the pure accumulation playbook used by most crypto treasury companies toward an active yield and capital-markets model designed to grow XRP per share over time. The 473 million XRP stash is worth roughly $648 million at current prices, according to The Block.

Ripple, Kraken, Coinbase and BitGo get the first mandates

The four inaugural partners were selected for the depth of their institutional infrastructure, their licensing and capitalization, and their experience serving public companies and asset managers, Evernorth said in the announcement. Together, the company said, they give it the controls, reporting and counterparty standards a Nasdaq-listed company requires. Working with these partners, Evernorth plans to both accumulate and deploy from its treasury, using strategies that can be executed today through established institutional counterparties with risk management and oversight by its own investment and risk team. "We're putting our treasury to work," founder and CEO Asheesh Birla said in the announcement. "We are beginning with some of the strongest institutional counterparties in the industry, and as the XRP Ledger's own credit markets come online, we intend to be there with capital on day one. That is how we grow XRP per share over time, and that is how we help the ecosystem grow with us."

A two-phase plan: Wall Street desks first, on-chain DeFi later

The deployment program runs in two phases. The first draws only on strategies that exist today and can be run through the four counterparties. The second moves onto the XRP Ledger itself: as the ledger's native lending and on-chain credit capabilities are activated by validators and proven in production, Evernorth intends to phase in decentralized finance strategies on the ledger, allocating treasury capital directly to on-chain markets. The announcement did not specify how much XRP would be deployed in the first phase, The Block reported. All partnership agreements remain subject to customary closing conditions and the receipt of any required regulatory and corporate approvals, the company said.

The Coinbase Asset Management veteran running the strategy

The program is overseen by Hugo Jeandesboz, whom Evernorth named as its Chief Investment Officer on September 28, 2026. Jeandesboz joined from Coinbase Asset Management, where he served as co-chief investment officer and led the firm's Solutions investment strategies, and brings more than a decade of institutional trading and portfolio management experience across digital assets and fixed income markets, including roles at HSBC and Societe Generale. "The question for any treasury is not whether it can hold an asset, but whether it can manage one," Jeandesboz said in the announcement. "That means a treasury strategy, a risk framework and counterparties you would be comfortable explaining to a public-company board. Ripple, Kraken, Coinbase and BitGo meet that bar today. As the XRP Ledger matures, the same discipline will govern how and when we move on-chain."

Closing bell caps a flat debut week

Evernorth rang the Nasdaq closing bell on Wednesday afternoon to celebrate its debut as a public company, following the completion of its business combination with Armada Acquisition Corp. II. The announcement of the partner mandates arrives one week after the company began trading under the XRPN ticker. The stock has stayed relatively flat since its debut: it opened at $16.68 on Monday, closed Tuesday at $16.48, and edged up to $16.60 in after-hours trading, according to The Block. The partnership announcement is the company's first major strategic move since the listing, signaling that its treasury will be an operating asset rather than a static holding.

This article is news reporting and is not investment advice.

Sources

• Evernorth Holdings Inc., press release dated October 14, 2026 distributed via Globe Newswire, primary source for the partner announcement, the 473 million XRP treasury figure, the fourth-quarter 2026 deployment timeline, the statements from Asheesh Birla and Hugo Jeandesboz, Jeandesboz's September 28 appointment and Coinbase Asset Management background, the Nasdaq closing bell, and the note that agreements are subject to customary closing conditions and approvals
• The Block, October 14, 2026, secondary source for the roughly $648 million valuation of the treasury, the phased on-chain DeFi expansion framing, the note that the announcement did not specify deployment amounts, and the XRPN share price figures of $16.68 Monday open, $16.48 Tuesday close and $16.60 after-hours