Evernorth Holdings said it will begin deploying 473 million XRP tokens starting in the fourth quarter, enlisting Ripple, Kraken, Coinbase and BitGo to manage the treasury at current valuation of roughly $648 million.
The arrangement marks one of the largest institutional deployments of XRP since exchanges began offering native custody and settlement for the token. Evernorth's holdings represent the single largest XRP position held outside of exchanges and Ripple's own balance sheet, according to public ledger data.
Evernorth said in an announcement on GlobeNewswire that the four partners will handle treasury management, liquidity provision and staking operations across their respective platforms. The company did not specify deployment amounts per partner or the timeline beyond Q4 2026.
Ripple has been working since 2023 to build institutional custody and settlement infrastructure for XRP as the company pushes adoption among banks and payment processors. The partnership with Evernorth gives the token access to custody solutions outside Ripple's own custody offering, which has held approximately $3.5 billion in XRP from institutions, according to Ripple's quarterly reports.
Kraken and Coinbase both operate institutional trading desks and custody services. BitGo, a third-party custody provider, holds roughly $25 billion in digital assets across multiple blockchains and has served as a backend for institutional investors seeking to avoid platform-specific exposure.
Evernorth's treasury deployment strategy splits holdings across four operators rather than concentrating them on one exchange. Kraken and Coinbase each hold institutional trading desks. BitGo operates independently as third-party custody infrastructure.
XRP traded at roughly $1.37 per token at the time of the announcement, valuing the full 473 million token holding at approximately $648 million. The price had risen more than 25 percent over the preceding three months, driven partly by anticipation of larger institutional deployments and recent litigation clarity around the token's regulatory status in the United States.
Evernorth will announce deployment amounts and per-partner allocations by the end of 2026, according to the company's statement. If Evernorth does not publish detailed holdings breakdowns by January 15, 2027, the market will lack transparency on whether any single operator received more than 100 million tokens.
