A newly public company built around XRP is preparing to do more with its digital asset holdings than keep them in storage. Evernorth Holdings, Inc. (NASDAQ: XRPN) said that it will begin using its 473 million XRP treasury in institutional strategies during the fourth quarter of 2026. The move follows the company’s recent debut on Nasdaq and represents an early attempt to turn a large cryptocurrency position into an actively managed business asset.
Evernorth describes itself as a digital asset treasury company. In simple terms, it holds XRP on behalf of public-market investors and intends to manage that holding in ways that may increase the amount of XRP attributable to each share over time. The company’s approach matters because simply owning a volatile token does not necessarily create ongoing income, and treasury companies increasingly face questions about how they will justify holding large crypto positions.
The company named Ripple, Kraken, Coinbase Global, Inc. (NASDAQ: COIN) and BitGo as its first institutional execution partners. These firms are expected to help Evernorth accumulate, trade, safeguard and deploy XRP through strategies suitable for a publicly listed company. Ripple brings close ties to the XRP Ledger, while Kraken and Coinbase are established cryptocurrency trading platforms. BitGo is known for institutional digital asset custody services.
Coinbase’s involvement gives Evernorth access to a large, regulated trading and custody platform, although the announcement does not specify how much XRP, if any, will be routed through each partner.Â
Evernorth said it selected the group based on institutional infrastructure, licensing, capitalization and experience working with public companies and asset managers. Those criteria matter because a treasury strategy involving digital assets requires more than access to a trading venue. It also requires controls around custody, reporting, counterparty risk and board-level accountability.
The central idea behind the announcement is a shift from ownership to management. Evernorth chief executive Asheesh Birla said the company is beginning to put its treasury to work, with the goal of growing XRP per share over time. That language signals that management sees the XRP position as capital to be allocated, rather than a static reserve to be held indefinitely.
For readers unfamiliar with treasury companies, the concept is similar to a company holding cash or securities and deciding whether to leave those assets idle or invest them. Evernorth’s difference is that its main asset is XRP, a cryptocurrency associated with the XRP Ledger. The company wants to earn returns from that holding while maintaining the governance standards expected of a Nasdaq-listed business.
The company has not disclosed the size of its initial deployments, the specific strategies involved, expected returns or the portion of the 473 million XRP treasury that will be used. That lack of detail is important. Investors will need to watch for future disclosures that explain how much capital is being committed, where it is being held and what risks the company is accepting.
Evernorth’s plan begins with strategies that can be executed today through established institutional counterparties. Its investment and risk team will oversee the early phase, which suggests the company intends to use familiar institutional processes before moving into more experimental areas.
The second stage would involve decentralized finance, often called DeFi, directly on the XRP Ledger. This could include lending or on-chain credit markets once those capabilities are activated by network validators and demonstrated in production. In other words, Evernorth is not committing to on-chain lending immediately. It is waiting for the underlying infrastructure to mature before allocating treasury capital to it.
Hugo Jeandesboz, Evernorth’s chief investment officer, will oversee the program. He joined the company from Coinbase Asset Management, where he was co-chief investment officer and led solutions investment strategies. His background also includes more than a decade of institutional trading and portfolio management experience across digital assets and fixed income markets, including roles at HSBC and Société Générale.
Jeandesboz framed the challenge as one of managing an asset rather than merely holding it. That distinction is central to the company’s case. A treasury strategy needs a clear framework for risk, counterparties and reporting, especially when the underlying asset can move sharply in value.
This recent announcement gives Evernorth a credible starting framework, but it does not yet prove that the strategy will produce meaningful returns. The next useful milestones will be concrete details on allocations, counterparties, risk limits, custody arrangements and any income generated from the XRP treasury. Until then, the announcement is best viewed as the beginning of an operating plan rather than a completed investment program.Â
