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10/12/2026

Evernorth Appoints Ex-Coinbase CIO to Manage $672M XRP Treasury Ahead of Nasdaq Debut

What happened: Evernorth, following its SPAC merger with Armada Acquisition Corp.

Evernorth Appoints Ex-Coinbase CIO to Manage $672M XRP Treasury Ahead of Nasdaq Debut

What happened: Evernorth, following its SPAC merger with Armada Acquisition Corp. II, has named Hugo Jeandesboz—former Co-Chief Investment Officer at Coinbase Asset Management—as its new CIO. The company holds 473 million XRP (valued at $672 million) and $300 million in cash, and plans to deploy its XRP through lending, liquidity provision, and DeFi yield strategies rather than a passive buy-and-hold approach. The move comes as Evernorth prepares for its Nasdaq debut under the ticker XRPN.

Why it matters: Evernorth’s strategy represents a notable shift from the traditional treasury management model pioneered by Bitcoin-focused firms. By actively seeking yield and liquidity opportunities for its XRP holdings, Evernorth is testing the “beyond-Bitcoin” thesis—potentially generating higher returns, but also exposing itself to the risks inherent in DeFi protocols and XRP price volatility. The appointment of a seasoned institutional investor from Coinbase signals a serious intent to professionalize digital asset management in the public markets.

Source: The Block