Evernorth has handed its treasury operation to a former co-chief investment officer at Coinbase Asset Management. The hire puts institutional trading experience inside a Nasdaq-listed company that is actively managing a crypto-heavy balance sheet.
At closing, the treasury held approximately 473 million XRP. That's the number the company is putting in front of shareholders as the new director take over. The appointment was confirmed this week.
For Evernorth, the bet is straightforward: crypto treasuries are now a real line item for public companies, and running one takes people who have traded size before. Coinbase Asset Management is one of the few places in the U.S. where that experience gets built at scale.
Why a Coinbase alum, and why now
Evernorth isn't a crypto company in the classic sense. It's a listed vehicle. That means its treasury decisions get reviewed by auditors, disclosed in filings, and judged by investors who may or may not care about XRP.
Hiring someone out of Coinbase Asset Management signals the company wants the treasury run like an institutional book, not a corporate side bet. The former co-CIO's job is to translate trading-desk discipline into a Nasdaq-listed context — custody, reporting, risk limits, the unglamorous stuff.
The timing tracks with a broader shift. Through 2026, more listed companies have moved past treating digital assets as a novelty and started treating them as part of the capital structure. Evernorth is one of them. It just needs someone who has actually done it.
The XRP holdings
Roughly 473 million XRP sat in the treasury at closing. For a company Evernorth's size, that's not a rounding error — it's a concentrated position, and how it's managed will matter as much as the hire itself.
XRP has its own quirks as a treasury asset. It's liquid, it trades around the clock, and it has a legal history that most institutional investors remember. Whoever runs the treasury has to be comfortable with that profile.
The company hasn't said whether the new director will change the current strategy, add hedges, or simply run the existing book more tightly. The announcement only confirms the role and the background. Everything else is on the desk now.
What the market will watch
The next concrete signal is the company's next set of filings. That's where the market will see whether the treasury strategy shifts under new management, and whether the XRP position gets adjusted.
Until then, the hire is the story. Evernorth picked someone with Coinbase Asset Management on their resume to run a Nasdaq-listed treasury holding a nine-figure XRP position. The market will get its first read on the results when the numbers update.
