Evernorth Lists on Nasdaq as XRPN with 473 Million XRP Treasury and Names Former Coinbase Executive as CIO
Ripple-backed Evernorth debuted on Nasdaq under ticker XRPN with 473 million XRP in its treasury and appointed former Coinbase Asset Management co-CIO Hugo Jeandesboz as chief investment officer.
Why it matters
Evernorth becomes the largest public pure-play XRP treasury company, offering stock investors exposure to actively managed XRP holdings. The deployment of 473 million XRP through institutional partnerships could test whether active treasury strategies can grow XRP per share. The undisclosed inflation bug during the shareholder vote raises questions about disclosure practices for crypto-linked public vehicles.
Where the sources disagree
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
reported value
$648
U.Today
$214
Bitcoin.com News
U.Today reports $648, Bitcoin.com News reports $214 (67% apart).
Key facts
Evernorth Holdings began trading on Nasdaq under ticker XRPN
Reported by CoinGape
Evernorth holds approximately 473 million XRP in its treasury
473,000,000 tokensReported by CoinGape
Hugo Jeandesboz was appointed chief investment officer of Evernorth
Reported by CoinGape
Hugo Jeandesboz previously served as co-chief investment officer at Coinbase Asset Management
Reported by CoinGape
XRP price was $1.37 around the time of Evernorth's Nasdaq debut
1.37 $Reported by U.Today
XRP declined 3% over 24 hours following Evernorth's public debut
3 %Reported by U.Today
Evernorth announced partnerships with Ripple, Kraken, Coinbase, and BitGo to deploy its XRP treasury starting in Q4 2026
Reported by CoinGape
An XRP Ledger inflation bug allowing minting of trillions of tokens was reported to Ripple on September 22 and patched by September 25
Reported by Protos
What happened
Evernorth Holdings completed its business combination with Armada Acquisition Corp. II and began trading on Nasdaq under the ticker XRPN, holding approximately 473 million XRP. The company appointed Hugo Jeandesboz, formerly co-chief investment officer at Coinbase Asset Management, as its CIO to manage the XRP treasury through lending and liquidity strategies. Evernorth announced partnerships with Ripple, Kraken, Coinbase, and BitGo to deploy its treasury starting in the fourth quarter of 2026, subject to approvals. XRP traded at $1.37 around the debut, down 3% over 24 hours, while XRPN shares opened near $19.38 and closed lower. Protos reported that an XRP Ledger inflation bug allowing minting of trillions of tokens was disclosed to Ripple on September 22 and patched by September 25, during Evernorth's shareholder redemption window prior to September 28, though shareholders were not informed.
How the story developed
- Update
XRP Ledger inflation bug reported to Ripple
Ethical researcher privately reported bug allowing minting of trillions of XRP
- Update
Ripple ships emergency fix for XRP Ledger bug
Closed-source fix deployed to validators
- Update
Evernorth shareholder redemption window closes
Shareholders voted on business combination without knowledge of XRP inflation bug
- Official statement
Evernorth completes business combination with Armada Acquisition Corp. II
SPAC merger completed, enabling public listing
- Official statement
Evernorth debuts on Nasdaq as XRPN and appoints Hugo Jeandesboz as CIO
First trading day; former Coinbase Asset Management co-CIO named to manage 473M XRP treasury
- First report
First report by CoinGape
Evernorth XRP Treasury Names Ex-Coinbase as CIO, Why Is XRPN Stock Falling?
- Official statement
Official statement from Bitcoin.com News
XRP Price at $1.37 Leaves Evernorth’s $214M XRP Buy 46% Underwater
- Official statement
Evernorth rings Nasdaq closing bell and announces institutional deployment partnerships
CEO Asheesh Birla leads ceremony; partnerships with Ripple, Kraken, Coinbase, BitGo for Q4 2026 deployment
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 12 Oct 2026, 14:22 UTC: CoinGape — 1 independent source, 1 reports
- 13 Oct 2026, 05:17 UTC: U.Today — 2 independent sources, 2 reports
- 13 Oct 2026, 08:30 UTC: Bitcoin.com News, official — 3 independent sources, 3 reports
- 13 Oct 2026, 17:33 UTC: Protos — 4 independent sources, 4 reports
- 14 Oct 2026, 19:51 UTC: Crypto.News — 5 independent sources, 9 reports
- 15 Oct 2026, 04:07 UTC: CryptoPotato — 6 independent sources, 12 reports
Affected entities
Also mentioned: Bitcoin, United States, Ethereum, U.S. Securities and Exchange Commission, Base
Original sources
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