In a significant move for corporate digital asset management, the newly Nasdaq-listed Evernorth has announced it will deploy its substantial Evernorth XRP treasury through key institutional partners. The company revealed on October 14 that it has selected Ripple, Kraken, Coinbase, and BitGo to help put its 473 million XRP, valued at approximately $648 million, to work starting in the fourth quarter of 2026.
The strategy marks a deliberate pivot from a simple “buy-and-hold” approach to one of active yield generation. Evernorth, which trades under the ticker XRPN, aims to increase its XRP holdings per share over time by earning returns on its assets, a plan closely watched by investors since its public debut.
A new era for the Evernorth XRP treasury
Evernorth’s announcement signals a maturing perspective on how publicly traded companies can manage digital assets. Rather than passively holding cryptocurrency and being subject to market volatility, the company is actively seeking to make its treasury productive. “We’re putting our treasury to work,” said Evernorth founder and CEO Asheesh Birla.
“That is how we grow XRP per share over time.” This proactive stance could set a new precedent for other corporations with significant crypto holdings.
This is the first major strategic initiative revealed since the company’s recent Nasdaq debut on October 8, which followed a business combination with Armada Acquisition Corp. II.
The move provides clarity to XRPN investors, confirming that the company’s value proposition is not just tied to the fluctuating price of XRP, but also to its operational ability to generate additional tokens through sophisticated financial strategies.
Most of the company’s XRP was acquired through contributions from initial investors in exchange for equity, not through open-market purchases.
The company rang the Nasdaq closing bell on Wednesday to celebrate its listing, using the occasion to underscore its forward-thinking treasury strategy.
By partnering with some of the most established names in the crypto industry, Evernorth is aiming to build a robust, compliant, and institutional-grade framework for asset management that can withstand the scrutiny expected of a public entity. This contrasts sharply with earlier corporate treasury strategies that often involved little more than acquisition and custody.
Inside Evernorth’s institutional yield strategy
The execution of this complex strategy falls to Evernorth’s new Chief Investment Officer, Hugo Jeandesboz. Appointed on September 28, Jeandesboz brings significant credibility, having previously served as co-chief investment officer at Coinbase Asset Management. His mandate includes overseeing the deployment program, managing liquidity, establishing a risk control framework, and managing the relationships with trading partners.
Jeandesboz emphasized the institutional rigor behind the plan, stating it involves “a treasury strategy, a risk framework and counterparties you would be comfortable explaining to a public-company board.” This highlights the focus on compliance and risk mitigation. The initial phase of deployment will focus on what the company calls “institutional strategies.”
While specific details remain under wraps, Evernorth’s prospectus outlines several potential avenues for yield generation. These include lending XRP to institutional counterparties for interest, employing covered-call options strategies, and executing trades that capture pricing inefficiencies between spot and derivatives markets.
This phased approach begins with centralized, well-regulated partners before expanding into more decentralized avenues. It’s a prudent path that allows the company to generate returns while the infrastructure for on-chain finance on the XRP Ledger continues to develop. The initial partnerships provide a stable foundation for a more ambitious long-term vision.
The role of the chosen partners
The selection of Ripple, Kraken, Coinbase, and BitGo was deliberate. According to Evernorth, these partners were chosen based on their institutional-grade infrastructure, robust licensing, strong capitalization, and proven experience serving asset managers and public companies. Each brings a unique strength to the table.
Coinbase and Kraken are leading exchanges with deep liquidity and established institutional services. Ripple, the primary developer behind the XRP Ledger, provides unparalleled expertise on the underlying technology.
Meanwhile, BitGo Bank & Trust is serving as the initial custodian for Evernorth’s assets, providing regulated and secure storage. This is a critical component of the risk management framework Jeandesboz is implementing.
The company has not yet disclosed the exact amount of XRP to be deployed in the initial phase, nor has it specified target returns or fee structures. These partnership agreements are also subject to closing conditions and necessary regulatory and corporate approvals.
The long-term vision: on-chain DeFi on the XRP ledger
While the initial strategy relies on trusted centralized firms, Evernorth’s long-term goal is more ambitious: direct participation in on-chain decentralized finance (DeFi). The company plans to expand into lending and credit markets directly on the XRP Ledger as its capabilities mature. This signals a strong belief in the future development of the XRPL ecosystem.
Unlike proof-of-stake blockchains, holding XRP does not generate native staking rewards, making the development of a vibrant DeFi ecosystem essential for yield generation.
This future phase could involve supplying XRP to on-chain lending protocols and acting as a liquidity provider in automated market maker (AMM) pools. The success of such a strategy depends heavily on the continued development of the XRP Ledger itself, including the creation of reliable DeFi primitives and new wallet infrastructure to support institutional participation.
Moving on-chain presents both higher potential rewards and increased risks, such as smart contract vulnerabilities, which the company will have to manage.
Evernorth