Nasdaq-listed Evernoss has begun building a framework to directly manage the 473 million XRP it holds.

On Oct. 15 local time, blockchain media outlet CoinPost reported that Evernoss selected Ripple, Kraken, Coinbase and BitGo as its first institutional execution partners. It plans to manage its XRP treasury assets from the fourth quarter of 2026.

Evernoss plans to work with the four to accumulate additional XRP while pursuing monetisation through strategies for institutional investors. The company said the selection was based on the ability to build an XRP yield foundation while meeting internal controls, reporting systems and counterparty standards required of a listed company. It cited evaluation criteria including the level of institutional infrastructure, licensing and capital strength, and experience dealing with listed companies and asset managers.

In the initial phase, it will use existing institutional counterparties and apply strategies that can be executed now. Evernoss' investment and risk team will handle risk management and oversight. If lending and credit-extension functions on the XRP Ledger are activated by validators and validated in actual operations, the company plans to gradually introduce ledger-based decentralised finance strategies and directly allocate part of its treasury assets to on-chain markets.

Evernoss Chief Executive Ashish Birla (아시시 빌라) said it would not simply hold treasury assets but make direct use of them. He said that once the XRP Ledger's native credit market is up and running, it would deploy funds from day one. He also laid out a plan to increase XRP holdings per share.

The partnerships are not immediately finalised. Each contract is subject to meeting customary closing conditions, regulatory approvals as needed and internal company approval procedures.

Evernoss recently completed its listing process. The company completed a merger on Oct. 9 with Armada Acquisition Corp II, a special purpose acquisition company, and began trading on Nasdaq under the ticker XRPN from Oct. 12. As of the merger completion date, its holdings were 473 million XRP and about $300 million in cash before deducting transaction costs.

Operations will be led by Hiugu Jean de Vos (히우구 장 드 보스). He previously served as co-chief investment officer at Coinbase Asset Management, and his appointment as Evernoss CIO was announced on Oct. 12. He said counterparties needed to be at a level that could be explained to the board of a listed company, and said the four selected partners meet that standard.

The announcement is seen as a move by Evernoss to expand from an XRP listed company that simply holds assets to an operational treasury strategy. The company plans to start operations through a centralised institutional trading network and later broaden into on-chain strategies if XRP Ledger-based infrastructure is proven in the market. Points to watch are whether the XRP Ledger's lending and credit-extension functions are activated and the pace at which Evernoss converts its cash and XRP holdings into managed assets.