Evernorth has selected Ripple, Kraken, Coinbase and BitGo as its initial institutional execution partners for strategies involving its approximately 473 million XRP treasury. The Nasdaq-listed treasury company plans to begin deploying capital in the fourth quarter of 2026 while continuing to accumulate XRP and increase the number of tokens held per share. Hugo Jeandesboz, Evernorth's chief investment officer, will oversee treasury allocation, liquidity and relationships with trading counterparties and custodians. The company said the four firms provide the infrastructure, licensing, controls and reporting required for a public-company treasury operation. Evernorth plans to use established institutional counterparties before considering direct allocations to decentralized lending and credit markets on the XRP Ledger. That on-chain activity remains conditional on validator approval of the ledger's native lending and credit capabilities and evidence of reliable production operation. The company trades on Nasdaq under XRPN, giving shareholders equity exposure to its XRP treasury rather than a redemption claim on a fixed amount of XRP. The strategy follows Evernorth's merger with Armada Acquisition Corp. II, which left it with approximately 473 million XRP and about $300 million in gross cash proceeds before transaction expenses. The company has also appointed Ripple CEO Brad Garlinghouse as a strategic adviser, alongside Ripple executive Stuart Alderoty and former Ripple CTO David Schwartz.