Evernorth appoints former Coinbase executive to run 473m XRP treasury

Key points

• Evernorth announced the appointment of Hugo Jeandesboz as chief investment officer on 12 Oct.
• The treasury held roughly 473 million XRP and about $300m in gross cash proceeds before expenses.
• Evernorth also corrected its Class A share issuance to 1,078,614, replacing an earlier figure of 663,510.

Evernorth Holdings has appointed a former Coinbase executive to run its 473m XRP treasury, the company said on 12 Oct. Hugo Jeandesboz, previously co-chief investment officer at Coinbase Asset Management, becomes chief investment officer and reports to founder and CEO Asheesh Birla. He oversees allocation, liquidity management and active management of the holdings, and is the senior contact for trading counterparties and custodians.

Jeandesboz spent more than a decade in institutional trading and portfolio management. At Coinbase he was co-chief investment officer and earlier lead derivatives trader, covering options, futures and blockchain-based markets. Before that he traded interest rate derivatives at HSBC and worked in quantitative strategy at Societe Generale.

Evernorth's merger with Armada Acquisition Corp. II completed on 9 Oct, bringing the XRP treasury into public markets, and its shares began trading on Nasdaq under XRPN on 12 Oct. The company reported about 473 million XRP and roughly $300m in gross cash proceeds before transaction expenses. Management aims to raise XRP per share through institutional and decentralised finance yield strategies.

Birla tied the appointment to tokenised real-world assets and decentralised finance, including a Ripple-led XRP Ledger institutional lending framework. Standard Chartered also began custody support for RLUSD on the XRP Ledger on 12 Oct. Evernorth corrected its Class A share issuance to 1,078,614, replacing 663,510 and attributing the change to a clerical error.

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