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Evernorth taps former Coinbase exec for XRP treasury ahead of Nasdaq debut

Evernorth says it holds 473 million XRP worth roughly $672 million, plus about $300 million in cash before transaction expenses, as it prepares for its Nasdaq listing.

Reported · Written up by our desk · Market Structure

Evernorth, the XRP-focused treasury firm, has named former Coinbase Asset Management co-CIO Hugo Jeandesboz as its investment chief ahead of its Nasdaq debut, The Block reports.

The company said it completed its SPAC merger with Armada Acquisition Corp. II on Friday and, at closing, reported holding 473 million XRP valued at roughly $672 million at current prices, alongside $300 million in cash before transaction expenses.

Evernorth plans to grow its XRP per share through yield strategies that include lending and liquidity provision, according to The Block.

Latest closeXRP $1.334 ▼5.3%|Nasdaq Comp. 27,193.34 ▼1.2%

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