Ripple, Coinbase and Kraken to help Evernorth with $648 million in XRP

Evernorth Holdings wants to not only hold hundreds of millions of dollars in XRP, but also use it to earn additional income. The American stock exchange company has announced partnerships with Ripple, Coinbase, Kraken and BitGo. The move should increase the value of its huge XRP reserve, but also entails new risks.

Evernorth Holdings, which trades on the Nasdaq under the stock exchange code XRPN, announced on 14 October 2026 that it wants to manage its XRP assets more actively. The company holds approximately 473 million XRP, with a combined value of approximately $648 million. In addition, Evernorth has approximately $300 million in cash.

So far, the strategy has mainly revolved around building and maintaining a large XRP reserve. With the new partnerships, Evernorth wants to take the next step. The company is exploring how it can use its crypto coins to earn revenue, without letting go of its long-term strategy.

In addition, Evernorth receives help from four big names in the crypto sector. Ripple, Coinbase, Kraken and BitGo must contribute to the infrastructure and services needed to actively manage the XRP reserve.

The first activities should start in the fourth quarter of 2026. However, this depends on the required approvals and other conditions.

Evernorth selected the partners based on, among other things, their experience with large financial institutions, financial position and compliance with laws and regulations.

It is not yet known how much XRP the company will actually use. Also, Evernorth has not made clear how the coins will be distributed among the different partners or how much return it expects to achieve.

In the longer term, Evernorth is looking at additional possibilities within the XRP Ledger (XRPL), the network on which XRP transactions are processed.

One of the options is to lend XRP through decentralized financial applications. This would allow holders to make their crypto coins available to other parties and possibly receive compensation for it.

Those plans are not yet concrete for the time being. The possibilities depend, among other things, on approval by the network validators, a working technical implementation and sufficient demand from the market.

That distinction is important. The announced partnerships do not automatically mean that the entire XRP reserve will yield an immediate return. Moreover, Evernorth has not yet published any expected revenues.

The active use of XRP entails other risks than simply storing the crypto coins. Think of problems with financial counterparties, limited liquidity and technical malfunctions.

To implement the new strategy, Evernorth has also strengthened its leadership. Hugo Jeandesboz was appointed Chief Investment Officer (CIO) on 28 September. The company announced its appointment on 12 October.

Jeandesboz was previously co-responsible for investments at Coinbase Asset Management. Before that, he worked at major financial institutions such as HSBC and Société Générale.

At Evernorth, he will be responsible for the strategy around the XRP reserve. This includes the management of available resources, risk management and the selection and control of financial counterparties.

CEO Asheesh Birla has a clear goal in mind. He wants to increase the number of XRP tokens per outstanding Evernorth share. In doing so, the company is trying to grow the value of its XRP holdings for shareholders in the longer term.

The announcement comes shortly after Evernorth's IPO. The company made its debut on the Nasdaq less than a week earlier through a merger with Armada Acquisition Corp. II.

On the first trading day, the XRPN share rose by 13.5 percent at one point. A large part of that profit later disappeared again.

Investors can gain exposure to Evernorth's XRP strategy through XRPN, but the stock is not a direct investment in XRP. Its value also depends on the business operations, financial risks and valuation of the exchange company.