Evernorth, a treasury company focused on XRP, announced its first institutional partners for executing operations. These are Ripple, Kraken, Coinbase, and BitGo. Together, they will help the company direct its treasury of 473 million XRP into institutional strategies starting from the fourth quarter of 2026. The announcement came shortly after Evernorth's debut on Nasdaq under the ticker XRPN. This is the first step towards a plan to generate income from existing XRP rather than just holding the tokens.
In an official press release, Evernorth stated that it chose the four partners for their institutional infrastructure, licenses, financial stability, and experience with public companies and asset managers. The partnerships are expected to provide support for managing XRP investments with risk control, reporting, and counterparty oversight.
The long-term plan also includes DeFi. As its own lending and on-chain credit functions in the XRP Ledger develop, Evernorth intends to explore opportunities directly within this network.
Evernorth's founder and CEO, Asheesh Birla, stated: "We are putting our treasury to work. We are starting with some of the strongest institutional counterparties in the industry, and when the XRP Ledger's own credit markets are operational, we intend to be there with capital from day one. This is how we will increase the amount of XRP per share over time and help the ecosystem grow along with us."
The deployment program is to be led by Hugo Jandebeur, who became the company's Chief Investment Officer on September 28. Previously, he was co-CIO at Coinbase Asset Management.
On Tuesday, XRPN shares closed at $16.48, losing about 2.54% compared to the previous day. The news did not affect the price of XRP: over the last 24 hours, it remained unchanged and was trading below $1.4 at the time of writing.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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