It Won’t Just Hold 473 Million XRP: New Plan With Former Coinbase Executive!

Evernorth, which is preparing to trade on Nasdaq, has entrusted its plan to generate yield from its 473 million XRP treasury and increase the amount of XRP per share to former Coinbase executive Hugo Jeandesboz.

According to The Block, XRP treasury company Evernorth appointed Hugo Jeandesboz to lead investment management after completing its merger with Armada Acquisition Corp. II on Friday. Jeandesboz previously served as co-chief investment officer at Coinbase Asset Management.

At the close of the merger, the company held 473 million XRP, worth approximately $672 million. Evernorth also reported that it had $300 million in cash before transaction expenses.

Looking to go beyond accumulating XRP

Unlike treasury companies that simply buy and hold cryptocurrency, Evernorth plans to use its XRP in lending, providing liquidity, and other yield strategies. The goal is to use the returns from these activities to increase the amount of XRP per share.

Jeandesboz will oversee how treasury assets are deployed and manage liquidity. He previously managed investment strategies for institutional clients at Coinbase and worked as the lead trader for the exchange’s derivatives business.

Evernorth founder and CEO Asheesh Birla said the company sees opportunities in XRP lending and decentralized finance. Birla said they needed a team with experience pricing risk in both traditional and digital asset markets to pursue these opportunities.

Shares fluctuate sharply ahead of merger

Armada II shares rose from around $10.68 to as high as $53 on October 2 in the two weeks leading up to the merger. The stock closed at $17.09 on Friday, then rose to $18.57 in after-hours trading.