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Evernorth Appoints Hugo Jeandesboz to Manage 473 Million XRP Treasury Before Nasdaq Debut

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XRPUSD$1.39 −1.32%

XRP treasury firm Evernorth appointed Hugo Jeandesboz as chief investment officer to manage its digital asset holdings ahead of its public debut on the Nasdaq. The announcement follows the completion of Evernorth's SPAC merger with Armada Acquisition Corp. II on Friday. Following the transaction, Evernorth holds 473 million XRP (XRP) valued at approximately $672 million, alongside $300 million in cash before transaction expenses.

Jeandesboz previously served as co-chief investment officer at Coinbase Asset Management and led derivatives trading at Coinbase. Under founder and chief executive officer Asheesh Birla, Jeandesboz will oversee liquidity, allocation, and active yield strategies. Unlike companies that strictly hold digital tokens, Evernorth plans to actively deploy its XRP reserve through lending and liquidity provision to increase its token holdings per share. Its XRP balance places Evernorth just outside the top 20 corporate holders of cryptocurrency.

Investors will be watching how actively managing treasury assets affects Evernorth's performance as public trading begins. Prior to the merger closing, shares of Armada Acquisition Corp. II saw sharp price moves, climbing from roughly $10.68 to $53 before closing Friday at $17.09 and reaching $18.57 in late trading. Meanwhile, XRP traded at $1.40, down 0.66% on the day.

Key points

  • Evernorth hired former Coinbase Asset Management executive Hugo Jeandesboz as chief investment officer.
  • The company holds 473 million XRP worth roughly $672 million and $300 million in cash following its SPAC merger completion.
  • Evernorth plans to generate yields on its XRP reserve through active lending and liquidity management strategies.
  • Shares of merger partner Armada Acquisition Corp. II fluctuated between $10.68 and $53 before closing Friday at $17.09.

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Questions and answers

Who is Evernorth's new chief investment officer?

Evernorth hired Hugo Jeandesboz, a former co-chief investment officer at Coinbase Asset Management, as its chief investment officer to oversee treasury allocation and active yield strategies.

How much XRP does Evernorth hold in its treasury?

Evernorth holds 473 million XRP, valued at approximately $672 million, alongside $300 million in cash prior to transaction expenses following its SPAC merger with Armada Acquisition Corp. II.

How does Evernorth plan to manage its XRP holdings?

Rather than using a simple buy-and-hold approach, Evernorth plans to actively deploy its XRP through lending, liquidity provision, and other yield-generating strategies to increase its XRP per share.