Evernorth to Deploy 473 Million XRP Treasury for Yield With Ripple, Kraken, Coinbase and BitGo

Update 07:10 UTC: Data from stock-tracking services show the ticker, which traded under the same code from its SPAC days, spiked to $53 on Oct 2 before the merger closed, then settled at $16.91 on its Oct 12 Nasdaq debut, slid to $15.26 on Oct 14 and bounced to $16.07 on Oct 15, with after-hours prints near $16.17.

Four Partners for a 473 Million XRP Treasury

Evernorth will begin putting capital from its 473 million XRP treasury to work in the fourth quarter of 2026, with Ripple, Kraken, Coinbase and BitGo selected as institutional counterparties. The company laid out the plan in its announcement on Wednesday, Oct. 14, framing it as a way to generate earnings from the holdings while it keeps accumulating tokens, with a stated goal of raising the number of XRP held per share. “We’re putting our treasury to work,” founder and CEO Asheesh Birla said. Under the disclosed terms, the partnership agreements remain subject to customary closing conditions and any regulatory or corporate approvals still required. Evernorth described an initial institutional phase in which its investment and risk team runs strategies through the four firms, chosen for their infrastructure, licensing, balance-sheet strength and record serving public companies and asset managers, under controls and reporting the company says suit a Nasdaq-listed business. A later stage would send treasury capital directly into lending and credit markets on the XRP Ledger, but only once those native capabilities clear validator approval and prove reliable in production, a build-out that includes XRPL Commons opening XRP Ledger lending tools to 400 builders. Chief investment officer Hugo Jeandesboz, appointed on Sep. 28, oversees allocation, liquidity management and the counterparty relationships, and said the four selected firms satisfy the company’s requirements, with the same risk discipline to govern future on-chain investments. The 473 million XRP figure is the pool the deployment draws from; the announcement gives the fourth quarter only as the window for initial deployment. The XRP price stood near $1.33 at the time of writing, down 3.2% over the past 24 hours.

As attention shifts to the deployment timetable, XRP slipped to a newer reading of $1.30, down 6% over 24 hours after touching an intraday low of $1.28, with the daily range reaching $1.33. That move puts the $1.28 support zone under immediate scrutiny: a decisive break could expose $1.25, while a recovery signal would require a move back through $1.40–$1.42. Traders are weighing sticky U.S. inflation against the treasury plan, since hotter-than-expected inflation can keep rate-cut expectations restrained and pressure risk assets. Separately, the treasury plan is being discussed at a $648 million figure, and strategy details, along with how returns translate into per-share XRP exposure, have yet to be disclosed. A range-bound base case between roughly $1.31 and $1.42 holds while investors wait for those specifics.

While the treasury plan draws fresh attention, XRPN's own tape has been the sharper story. Data from stock-tracking services show the ticker, which traded under the same code from its SPAC days, spiked to $53 on Oct 2 before the merger closed, then settled at $16.91 on its Oct 12 Nasdaq debut, slid to $15.26 on Oct 14 and bounced to $16.07 on Oct 15, with after-hours prints near $16.17. That leaves the shares about 70% below the spike high but roughly 5% above the Oct 12 close, and still clear of the $10 per-share figure used to calculate stock issued to late-arriving contributors. Jeandesboz, who reports directly to Birla and serves as the point of contact for counterparties and custodians, framed the mandate around control rather than custody: "what matters for a treasury is not whether you can hold the asset, but whether you can manage it."

The Merger That Built the Treasury

The treasury was assembled through Evernorth’s completed merger with Armada, which left the company with roughly 473 million XRP and about $300 million in gross cash proceeds before transaction expenses. Its shares began trading on Nasdaq under the ticker XRPN on Oct. 12, after an administrative issue moved the expected closing from Oct. 7 to Oct. 9 and the planned debut from Oct. 8 to Oct. 12; Armada shareholders had approved the combination at their Sep. 30 extraordinary general meeting. The listing under XRPN gives U.S. stock-market investors equity in the company that owns and manages the coins, a structure in which shareholders hold corporate shares rather than a redemption right to a fixed number of tokens, with the exposure behind each share also depending on outstanding shares, liabilities, financing and transaction costs. Proxy filings itemize the components behind the projected total: 126,791,458 XRP contributed by Ripple, roughly 211.32 million XRP associated with the sponsor and a separate 50 million XRP related-party contribution, alongside about 84.37 million XRP bought for $214 million at an average price near $2.53657 per token. Advance and delayed contribution arrangements added another 800,000 XRP. Cash and digital assets at closing came from investors including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Day-to-day control of the program sits with Jeandesboz, previously co-chief investment officer at Coinbase Asset Management and before that Coinbase’s lead derivatives trader, with earlier seats in interest-rate derivatives at HSBC in New York and fixed-income and quantitative roles at Société Générale. Funding for further purchases is already lined up: a $30 million senior unsecured note paying 4% interest in kind, signed on Sep. 11 with NH Investment & Securities as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. Interest compounds semiannually into principal, maturity falls in 2031 unless the notes are converted, redeemed or repurchased earlier, and the disclosed permitted uses include general corporate purposes and XRP purchases. That leaves roughly $300 million of cash proceeds set against a $30 million obligation whose interest accrues on the balance sheet until 2031.

Our live readings set the deployment plan against a market that is still trending lower. XRP trades at $1.3431, up 1.82% in 24 hours, the daily RSI reads 40.20, and our composite support and resistance scoring places the nearest floor at $1.3101 (84/100), with heavier defense stacked at $1.2456 (91/100), where S3, the 0.618 Fibonacci and a 200-period low-volume node converge. Overhead, the strongest barriers sit at $1.3505 (93/100) and $1.4169 (96/100), the latter where EMA 20, SMA 50 and R3 meet. Derivatives positioning leans long despite the bearish MACD: the perp funding rate sits at 0.0071%, open interest stands near $913.0 million, and the long/short account ratio of 3.29 shows 76.7% of accounts on the long side. A treasury program mandated to accumulate meets a market pinned under those reference points; a sustained hold above $1.3101 would give the first deployment a stable base, while a deeper slide toward $1.2456 (91/100) would simply lower the entry price for the per-share target (as of 09:14 UTC).