Evernorth was set to debut on Nasdaq this Monday, October 12, 2026, under the ticker XRPN. On the same day, the company announced the appointment of Hugo Jeandesboz as chief investment officer. According to Journal du Coin, it holds about 473 million XRP, a portfolio valued at around $672 million in the article published on October 12. This value depends on the XRP price at the time of calculation and therefore varies from one day to the next.
A stock market listing through a merger
On Friday, October 9, Evernorth completed its merger with Armada Acquisition Corp. II, a listed vehicle created to merge with a private company (a structure often referred to by the acronym SPAC). This is how the company gains access to the stock market. The closing announcement set the start of trading for October 12.
The figures published by the company, as reported by Journal du Coin, are as follows: about 473 million XRP and $300 million in gross cash proceeds, before transaction costs. The investors include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR.
One clarification is needed: these 473 million XRP do not correspond to as many tokens bought on the market. Investors also contributed XRP directly as part of the transaction. The build-up of this reserve should therefore not be equated with an equivalent new demand on exchanges.
A former Coinbase executive in charge of investments
Hugo Jeandesboz was co-chief investment officer of Coinbase Asset Management, where he led the strategies of the Solutions division. At Evernorth, he is responsible for treasury allocation, cash management and XRP holdings, under the direction of founder and chief executive Asheesh Birla, according to the October 12 announcement.
The model: increasing the amount of XRP per share
A listed crypto treasury company holds a stock of crypto assets on its balance sheet and offers investors exposure to that asset through its shares. Evernorth says it wants to go beyond simple custody: its stated goal is to increase the amount of XRP per share, in particular through lending, liquidity provision and other institutional or decentralized finance strategies.
Lending consists of making assets available to a borrower in return for compensation; liquidity provision facilitates trading on a market and can generate fees. These activities put the reserves to work and add risks related to counterparties, platforms and the software used. At this stage, it is a management programme: its performance can only be assessed through the published results.
The risks specific to the model
Several factors separate the value of the reserves from the share price. Journal du Coin cites the token’s value, operating expenses, potential losses and the issuance of new shares. More XRP per share therefore does not guarantee a rise in the share price.
Added to this is a general feature of listed treasury companies, which here is a matter of analysis rather than of published figures: the share price is not mechanically aligned with the net value of the assets held. The share can trade at a premium, when the market values the company above its reserves, or at a discount, in the opposite case. No data on the gap between the XRPN share price and the value of its reserves was available in our sources at the time of writing. Finally, XRP’s volatility feeds directly into the value of the treasury: the $672 million figure is only a snapshot at a given date.
What about investors in Switzerland?
For an investor in Switzerland, a share listed on Nasdaq is only one of the ways to gain exposure to a crypto asset. There are also listed products backed by crypto assets, such as ETPs, whose logic is different: they generally aim to track the price of the underlying asset, without an active management strategy or the financing decisions specific to a company. Our sources do not make it possible to list the XRP-linked products available on the Swiss stock exchange SIX, or to compare their features; this article therefore does not mention any.
The difference in nature is worth stressing: with a company like Evernorth, the investor bears both the risk linked to XRP and that of the company’s financial decisions. As Journal du Coin sums it up, the size of the treasury is the starting point, while its management determines the added value of the model. This article is published for information purposes and does not constitute an investment recommendation.
