Evernorth taps Ripple, Kraken, Coinbase and BitGo to put its $648M XRP treasury to work

Evernorth, a company built to hold XRP, said it will begin putting its treasury to work in the fourth quarter, naming Ripple, Kraken, Coinbase and BitGo as its first partners. The firm holds 473 million XRP, worth roughly $648 million at current prices, according to The Block.

From holding to earning

Most crypto treasury companies simply accumulate coins. Evernorth says it wants to generate returns on its XRP and grow the amount of XRP backing each share, rather than relying only on new purchases. It will start with what it calls "institutional strategies" with the four counterparties, and later move into lending and on-chain DeFi strategies on the XRP Ledger as those features become available.

The company did not say how much of its XRP it plans to deploy or what returns it expects.

"We're putting our treasury to work," founder and CEO Asheesh Birla said.

Who is running it

The programme is led by Evernorth's new chief investment officer, Hugo Jeandesboz, previously co-CIO at Coinbase Asset Management. He described the approach as a treasury strategy and risk framework built around counterparties that a public-company board would be comfortable with.

Fresh on the Nasdaq

The announcement comes just two days after Evernorth began trading on the Nasdaq under the ticker XRPN, following a SPAC merger with Armada Acquisition Corp. II.

• The shares opened on Monday at $16.68.
• They closed Tuesday at $16.48, then edged up to $16.60 after hours.
• Evernorth is due to ring the Nasdaq closing bell on Wednesday afternoon.

Why it matters

Putting treasury coins to work can lift income, but it also adds counterparty and smart-contract risk that simple holding avoids. How much XRP Evernorth commits, and on what terms, will be the details investors watch next. For background on lending and yield protocols, see our explainer What is DeFi?.