Evernorth Holdings, the Nasdaq-listed treasury vehicle built around a large XRP position, said on 14 October 2026 that it has lined up Ripple, Coinbase, Kraken and BitGo as partners to begin actively managing its holdings of the token. The company trades under the ticker XRPN and holds approximately 473 million XRP, worth around $648 million, alongside roughly $300 million in cash.
According to the announcement, the first activities are expected to start in the fourth quarter of 2026, subject to approvals and other conditions. Evernorth said it chose its partners based on their experience working with large financial institutions, their financial position and their record on regulatory compliance.
Transactions will be processed on the XRP Ledger, the network underpinning the token. Evernorth also said it is considering lending XRP through decentralised finance applications as a future option, though it noted that such a step would depend on validator approval on the ledger, technical implementation and market demand.
New investment chief with Coinbase pedigree
The partnership announcement follows the appointment of Hugo Jeandesboz as Chief Investment Officer, confirmed on 28 September and made public on 12 October. Jeandesboz previously served as co-head of investments at Coinbase Asset Management and has also worked at HSBC and Société Générale. At Evernorth, he will be responsible for the strategy governing the XRP reserve, the management of available resources, risk management, and the selection and monitoring of financial counterparties.
Evernorth's chief executive, Asheesh Birla, has framed the company's objective as increasing the number of XRP tokens per outstanding share, a metric that ties the stock's performance directly to growth in the underlying reserve rather than simply to the token's market price.
A debut still finding its footing
Evernorth arrived on Nasdaq through a merger with Armada Acquisition Corp. II, completing its public listing less than a week before Tuesday's partnership announcement. Shares of XRPN rose as much as 13.5% on their first day of trading, though much of that gain was later given back, leaving the stock's early performance mixed as the company moves to put its reserve to work.
