A former Coinbase Asset Management co-chief investment officer now directs Evernorth’s treasury, which held approximately 473 million XRP at closing. His appointment brings institutional trading experience to a Nasdaq-listed company pursuing active cryptocurrency investment strategies.
Former Coinbase Investment Chief Now Manages Evernorth's 473M XRP
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Key Takeaways
- Hugo Jeandesboz leads a treasury that held about 473 million XRP at closing.
- His responsibilities span allocation, liquidity, trading and custody relationships.
- Evernorth targets growth in XRP per share through active investment strategies.
Former Coinbase Executive Takes Charge of Evernorth’s XRP
An XRP treasury holding approximately 473 million tokens at closing now has a former Coinbase Asset Management executive directing its investment strategy. Evernorth Holdings Inc. (Nasdaq: XRPN) announced on Oct. 12 that it appointed Hugo Jeandesboz as chief investment officer. He reports to founder and CEO Asheesh Birla and oversees allocation, liquidity management, and active management of the company’s holdings.
Birla said:
“Hugo brings distinct experience that aligns with our active treasury strategy.”
The position also makes Jeandesboz the senior contact for trading counterparties, the firms Evernorth transacts with, and custodians that safeguard its assets.
Jeandesboz brings more than a decade of institutional trading and portfolio management experience across digital and traditional markets. At Coinbase Asset Management, he served as co-chief investment officer and led tailored institutional strategies. Previously, he was lead derivatives trader at crypto exchange Coinbase (Nasdaq: COIN), overseeing options, futures, and blockchain-based markets. Earlier roles included interest rate derivatives trading at HSBC and quantitative strategy at Societe Generale, using mathematical models and data to guide trading decisions.
473 Million XRP Supports an Active Treasury Model
Evernorth’s completed merger with Armada Acquisition Corp. II on Oct. 9 brought its XRP treasury into public markets. Armada was a special purpose acquisition company formed to take another business public. Evernorth reported approximately 473 million XRP and about $300 million in gross cash proceeds before transaction expenses. Institutional and digital asset investors included Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
Investors gained access to the business through Evernorth’s Nasdaq trading debut under XRPN on Oct. 12, when its common stock began trading. Management intends to increase XRP per share through institutional and decentralized finance yield strategies, ecosystem participation, and capital markets activities. XRP per share measures token holdings relative to outstanding stock, making share issuance relevant alongside asset growth.
Buying Evernorth stock provides ownership in a company whose results depend on treasury decisions, financing, and operating performance. Owning cryptocurrency directly instead gives the holder the digital asset itself.
Evernorth Eyes XRP Lending and DeFi Opportunities
Birla linked the appointment to opportunities involving tokenized real-world assets, digital representations of financial or physical assets, and decentralized finance. The XRP Ledger (XRPL) institutional lending framework outlined by Ripple would separate borrower assessment from blockchain execution: credit decisions would occur outside the ledger, while loan servicing and repayments would use it.
Separately, banking infrastructure around the network expanded Oct. 12 with Standard Chartered’s custody support for RLUSD on the XRP Ledger. The service safeguards eligible institutions’ Ripple USD tokens, a separate asset from XRP. Planned collateral integration with Ripple and LMAX Group would let eligible holdings support trading while remaining in bank custody, subject to testing, documentation, and approvals.
Jeandesboz also outlined his priorities for the business as it begins operating as a publicly traded company. He stated:
“The financial system is being rebuilt on programmable rails, and the XRP Ledger is becoming infrastructure where institutional capital can operate. Evernorth brings capital and public-market discipline to that shift at an early stage, and I look forward to building a treasury operation equal to the opportunity ahead.”
Alongside the appointment, Evernorth corrected the number of Class A shares issued to delayed-funding subscribers at closing. Evernorth reported 1,078,614 shares, replacing the 663,510 figure in its post-closing securities filing, which it attributed to a clerical error. The corrected issuance equaled the aggregate subscription amount, contributed in cash or XRP, divided by $10 per share.
