BTC $81,680 
ETH $2,435 
USDT $0.9993 
BNB $731.52 
XRP $1.33 
USDC $0.9998 
SOL $104.34 
TRX $0.3331 
FIGR_HELOC $1.03 
ZEC $1,158 Evernorth appoints Coinbase veteran to lead 473M XRP treasury
The Nasdaq-listed company taps experienced institutional investor to manage its XRP holdings and deploy new investment strategies.
Key takeaways
- Treasury size. Evernorth holds approximately 473 million XRP tokens as of its October 9 merger completion.
- Institutional backing. The company raised about $300 million in gross cash proceeds before transaction expenses.
- Strategy timeline. Institutional investment strategies are scheduled to begin in Q4 2026, subject to required approvals.
What happened
Evernorth Holdings appointed Hugo Jeandesboz as chief investment officer on October 12, putting a veteran of institutional crypto trading in charge of its treasury. Jeandesboz, who holds a CFA credential, previously served as co-chief investment officer at Coinbase Asset Management and was a lead derivatives trader at Coinbase, overseeing options and futures markets.
The Nasdaq-listed company holds approximately 473 million XRP tokens following its merger with Armada Acquisition Corp. II on October 9. Evernorth raised about $300 million in gross cash proceeds before transaction expenses, with backing from institutional investors including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
Jeandesboz will oversee treasury allocation, liquidity management, and active management of the company's holdings while serving as senior contact for trading counterparties and custodians. CEO Asheesh Birla emphasized that the appointment aligns with Evernorth's active treasury strategy.
First $1.52Latest $1.34-11.8% over the period
Points are daily observations, not closing prices.
Why it matters
The appointment signals Evernorth's shift toward deploying its XRP treasury for institutional investment activities. The company announced partnerships with Ripple, Kraken, Coinbase, and BitGo to support XRP accumulation and investment activities, with institutional strategies scheduled to begin in Q4 2026, subject to regulatory approvals.
Jeandesboz's background in institutional trading and portfolio management across both digital and traditional markets brings experience managing complex financial strategies. His earlier roles included interest rate derivatives trading at HSBC and quantitative strategy work at Societe Generale, where he used mathematical models and data to guide trading decisions.
Evernorth aims to increase XRP per share through institutional and decentralized finance yield strategies, ecosystem participation, and capital markets activities. The company plans to explore lending and credit services as the XRP Ledger develops its institutional lending framework.
Questions readers ask
Who is Hugo Jeandesboz?
Hugo Jeandesboz, CFA, is a veteran institutional investor who served as co-chief investment officer at Coinbase Asset Management and was previously a lead derivatives trader at Coinbase, overseeing options, futures, and blockchain-based markets. He also worked in interest rate derivatives trading at HSBC and quantitative strategy at Societe Generale.
How much XRP does Evernorth hold?
Evernorth holds approximately 473 million XRP tokens as of its October 9 merger completion with Armada Acquisition Corp. II.
When will Evernorth deploy its XRP treasury?
Evernorth announced that institutional investment strategies are scheduled to begin in Q4 2026, subject to required regulatory approvals and closing conditions. The company is partnering with Ripple, Kraken, Coinbase, and BitGo to support these activities.
What is Evernorth's investment strategy?
Evernorth intends to increase XRP per share through institutional and decentralized finance yield strategies, ecosystem participation, and capital markets activities. The company plans to explore lending and credit services on the XRP Ledger as that infrastructure develops.
