Evernorth to Deploy 473 Million XRP with Ripple, Kraken, Coinbase

Evernorth Taps Ripple, Kraken, Coinbase, and BitGo for XRP Treasury Strategy

Evernorth Holdings, a digital asset treasury company, has named Ripple, Kraken, Coinbase, and BitGo as its inaugural institutional execution partners. The company intends to leverage its substantial holdings of 473 million XRP to generate returns, moving beyond a simple buy-and-hold approach.

The strategic partnerships are designed to facilitate institutional strategies for Evernorth’s XRP treasury. The company’s CEO, Asheesh Birla, stated that the objective is to generate earnings and, over time, increase the amount of XRP represented per share.

The announcement, made on October 14, coincided with Evernorth’s ringing of the Nasdaq closing bell to mark its public debut. This treasury strategy represents a significant step in Evernorth’s ambition to enhance institutional access to the XRP market.

“We’re putting our treasury to work,” Birla remarked, emphasizing the company’s desire to actively participate in the growth of the XRP ecosystem. He further elaborated that the company aims to grow XRP per share while simultaneously supporting the broader ecosystem.

The selection of Ripple, Kraken, Coinbase, and BitGo was based on their robust institutional infrastructure, licensing, financial stability, and proven track record serving public companies and asset managers.

Each partner will play a distinct role in supporting Evernorth’s operations. Ripple will provide connectivity to the XRP ecosystem and its underlying infrastructure. Kraken and Coinbase will offer exchange services for trade execution, while BitGo will handle the institutional custody of Evernorth’s digital assets.

Collectively, these four partners will enable Evernorth to manage its XRP holdings and implement its planned strategies, adhering to the stringent controls and reporting standards expected of a Nasdaq-listed entity.

Evernorth has not yet disclosed the specific allocation of its XRP treasury across various strategies or provided concrete return targets. The success of these plans will also be contingent on prevailing market conditions and the emergence of new opportunities, such as the development of credit markets on the XRP Ledger.