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Major crypto exchange Coinbase has been named one of the institutional partners for Ripple-backed XRP treasury Evernorth as it begins to deploy from its 473 million XRP holding.
Evernorth today announced its inaugural institutional execution partners, and this includes Ripple, Kraken, Coinbase and BitGo, according to a recent X post.
Working with these partners, Evernorth seeks to both accumulate and deploy from its 473 million XRP treasury into institutional strategies beginning in the fourth quarter of 2026. The announcement also comes as Evernorth will ring the Nasdaq closing bell today to celebrate its debut as a public company, and it marks the start of the company's phased approach to put its XRP treasury to work rather than simply hold it.
Evernorth explained its decision over its inaugural partner set, saying they were selected for the depth of their institutional infrastructure, their licensing and capitalization, and their experience serving public companies and asset managers. Ripple and Kraken are notably among Evernorth’s investors.
Evernorth further explained that together, its inaugural partners mark a foundation for generating earnings on XRP with the requisite controls, reporting and counterparty standards that a Nasdaq-listed company requires.
Evernorth to deploy 473 million XRP
In a major milestone, Evernorth's shares began trading on the Nasdaq Global Market under the ticker "XRPN" on October 12, 2026, following the completion of its business combination with Armada II which raised $300 million in gross cash proceeds.
Evernorth holds about 473 million XRP, making it the largest publicly traded pure-play XRP treasury company. Evernorth's strategy is intended to increase as the XRP Ledger's own financial infrastructure matures. The first phase focuses on strategies that may be implemented presently through proven institutional counterparties.
As validators activate the XRP Ledger's native lending and on-chain credit capabilities and prove them in practice, Evernorth wants to phase in decentralized finance strategies on the ledger itself, transferring treasury cash directly to on-chain markets.