Evernorth, a Nasdaq-listed digital asset treasury company, named Ripple, Coinbase, Kraken and BitGo as its first institutional execution partners. It plans to put part of its 473 million XRP treasury into institutional strategies instead of only holding the tokens.
Evernorth named Ripple, Coinbase, Kraken and BitGo as its first institutional execution partners on October 14. The Nasdaq-listed company plans to use them to accumulate XRP and to deploy portions of its 473 million XRP treasury, which the report values near $639 million.
The announcement came days after the company's public-market debut and coincided with its ringing of the Nasdaq closing bell. Shares trade under XRPN.
Evernorth wants the treasury to generate returns
Most crypto treasury companies are judged by how much of an asset they accumulate. Evernorth wants to add productivity as a metric. According to CEO Asheesh Birla: "We're putting our treasury to work." He said the aim is to grow XRP per share over time.
Evernorth chose the four partners for their institutional infrastructure, licensing, financial strength, and experience serving public companies and asset managers. Ripple will connect the company with the XRP ecosystem and its infrastructure, Kraken and Coinbase will provide exchange services, and BitGo will support institutional custody of its digital assets.
Deployment starts with established strategies
The company expects to begin using its XRP treasury in the fourth quarter of 2026. Evernorth said the first phase will use strategies already available through established institutional counterparties, with oversight from its investment and risk team.
Later, Evernorth wants to move capital directly onto the XRP Ledger. If native lending and onchain credit markets are activated by validators and prove themselves in production, it plans to introduce DeFi strategies using treasury XRP.
Evernorth has not disclosed how much of the treasury will go to each strategy or given specific return targets. Chief Investment Officer Hugo Jeandesboz, who joined from Coinbase Asset Management, oversees the program.
Sources: Bitcoin News, Coinpedia Fintech News
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