FreeTheAI

Evernorth Taps Ripple, Exchanges to Deploy $648M XRP Treasury

BullishHigh impact
XRPUSD$1.36 −0.32%

Evernorth (XRPN) announced plans to deploy its digital asset treasury through institutional strategies beginning in the fourth quarter. The company, which holds 473 million XRP valued at roughly $648 million, named Ripple, Kraken, Coinbase, and BitGo as its initial institutional partners. The move comes two days after Evernorth debuted on the Nasdaq exchange following a deSPAC merger with Armada Acquisition Corp. II. XRP traded at $1.375, up 0.74% today.

Rather than simply accumulating tokens, Evernorth aims to generate earnings and increase its XRP holdings per share. Led by Chief Investment Officer Hugo Jeandesboz, former co-chief investment officer at Coinbase Asset Management, the firm is establishing a structured treasury framework. Founder and Chief Executive Officer Asheesh Birla noted that the strategy begins with some of the industry's strongest counterparties.

Looking ahead, Evernorth plans to expand into lending and decentralized finance strategies on the XRP Ledger as those features become available. Although the exact portion of XRP to be deployed was not disclosed, investors will track how the yield efforts affect company growth. Evernorth stock opened at $16.68 on Monday and closed at $16.48 on Tuesday before ticking up in after-hours trading.

Key points

  • Evernorth (XRPN) will begin deploying its 473 million XRP treasury, valued at approximately $648 million, in the fourth quarter.
  • Ripple, Kraken, Coinbase, and BitGo have been named as the initial institutional counterparties for the deployment.
  • The initiative aims to generate earnings and boost XRP holdings per share rather than relying solely on buy-and-hold accumulation.
  • Evernorth also plans to expand into lending and decentralized finance on the XRP Ledger as features become available.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

How we writeDisclaimer

Questions and answers

How much XRP does Evernorth hold in its treasury?

Evernorth holds 473 million XRP, which is valued at approximately $648 million at current market prices.

Who are Evernorth's partners for its treasury strategy?

Evernorth has named Ripple, along with cryptocurrency exchanges Kraken, Coinbase, and BitGo, as its initial institutional counterparties.

What are Evernorth's long-term crypto deployment plans?

Beyond its initial institutional strategies, Evernorth intends to expand into lending and onchain decentralized finance strategies on the XRP Ledger as those capabilities become available.