Evernorth taps Ripple, Kraken, Coinbase and BitGo for $648M XRP treasury

Evernorth is tapping Ripple, Kraken, Coinbase and BitGo to put its $648 million XRP treasury to work, The Block reported. The $648 million figure describes the size of Evernorth's XRP holdings, not the amount earmarked for lending.

The Nasdaq-listed treasury company said it is planning a phased move into XRP lending and yield strategies following its Nasdaq debut, according to The Block.

The Defiant reports that institutional strategies are due to start in the fourth quarter, with direct XRP Ledger credit-market investments to follow as the infrastructure matures.

Both accounts describe stated plans rather than a completed allocation. Neither report says how much of the $648 million treasury Evernorth intends to commit, what returns it expects, or which functions the four named firms would perform.