Evernorth names Coinbase veteran Hugo Jeandesboz CIO as XRPN starts trading on Nasdaq

Evernorth Holdings began trading on Nasdaq under ticker XRPN on October 12, 2026, following a $1 billion-plus SPAC merger with Armada Acquisition Corp. II. Holding 473 million XRP worth $672 million and $300 million in cash, Evernorth appointed former Coinbase executive Hugo Jeandesboz as chief investment officer. Backed by Ripple, Pantera Capital, and SBI Group, the firm intends to actively manage its XRP treasury through lending and liquidity strategies.

Hugo Jeandesboz appointed as chief investment officer

• ▪Evernorth Holdings appointed former Coinbase Asset Management co-chief investment officer Hugo Jeandesboz as chief investment officer on October 12, 2026, to manage its corporate treasury and XRP allocations
• ▪Prior to joining Evernorth Holdings, Hugo Jeandesboz led institutional investment strategies at Coinbase Asset Management and served as Coinbase's lead derivatives trader

Evernorth completes SPAC merger and Nasdaq listing

• ▪Evernorth Holdings completed its public market listing with a total transaction value exceeding $1 billion, including its XRP stockpile and cash reserves
• ▪Evernorth Holdings began trading on Nasdaq under ticker symbol XRPN on October 12, 2026, following a SPAC merger with Armada Acquisition Corp. II that closed on October 9, 2026
• ▪Shares of Armada Acquisition Corp. II traded between $10.68 and a high of $53 on October 2, 2026, before closing at $17.09 on October 9, 2026

Evernorth's XRP holdings and treasury strategy

• ▪Evernorth Holdings plans to actively deploy its XRP treasury through lending, liquidity provision, and yield strategies to increase the XRP value backing each share
• ▪Evernorth Holdings' XRP holdings place the firm just outside the 20 largest publicly traded corporate digital asset holders by value
• ▪At the closing of Evernorth Holdings' SPAC merger on October 9, 2026, Evernorth Holdings held 473 million XRP valued at approximately $672 million alongside $300 million in cash before transaction expenses
• ▪Evernorth Holdings chief executive officer Asheesh Birla stated that capturing XRP lending and decentralized finance yield opportunities requires institutional risk pricing expertise across traditional and digital asset markets

Debatable claims

• ▪Evernorth's active treasury strategy poses unacceptable credit risks for shareholders
• ▪Traditional institutional trading expertise is insufficient to mitigate decentralized finance treasury risks