Recruiter – Contract

Evernorth partners with Ripple, Coinbase, BitGo, and Kraken for $648M XRP Treasury. * Carrillo J.M. * Published: October 14, 2026 * 2:11 pm * Updated: October 14, 2026 * 2:11 pm Table of Contents * XRP Treasury: Evernorth plans to deploy part of its 473 million XRP treasury, worth about $648 million, through institutional strategies beginning in the fourth quarter. * Key Partners: Ripple, Kraken, Coinbase, and BitGo have been selected as the company's first counterparties for the treasury deployment initiative. * Growth Strategy: The firm aims to generate earnings, increase XRP holdings per share, and eventually expand into lending and onchain DeFi opportunities on the XRP Ledger. Evernorth has outlined plans to begin deploying its substantial XRP treasury through institutional strategies in the fourth quarter, marking a new phase for the company shortly after its Nasdaq debut. The announcement identified Ripple alongside cryptocurrency platforms Kraken, Coinbase, and BitGo as the first counterparties involved in the initiative. According to the company, Evernorth currently holds 473 million XRP, valued at roughly $648 million based on current market prices. The move comes just two days after the firm started trading on Nasdaq under the ticker XRPN following its deSPAC merger with Armada Acquisition Corp. II. Institutional strategy begins to take shape. Company founder and CEO Asheesh Birla said Evernorth is focused on putting its treasury assets to work rather than leaving them idle. He described Ripple, Kraken, Coinbase, and BitGo as some of the strongest institutional counterparties in the industry and confirmed that Evernorth will begin its deployment efforts with those partners. The company stated that its objective is not simply to accumulate additional XRP. Instead, the strategy seeks to generate earnings and increase XRP holdings on a per-share basis. Although the announcement detailed the overall direction of the initiative, it did not disclose how much XRP would be deployed through these institutional strategies. New investment leadership and future expansion. The treasury effort at Evernorth is being led by chief investment officer Hugo Jeandesboz, who previously served as co-chief investment officer at Coinbase Asset Management. Jeandesboz said the approach involves building a treasury strategy, establishing a risk framework, and selecting counterparties appropriate for a publicly listed company. Beyond the initial deployment plans, Evernorth also intends to explore lending opportunities and onchain DeFi strategies on the XRP Ledger as those capabilities become available. The company indicated that expanding into these areas could provide additional avenues for generating returns from its holdings. For Evernorth, the treasury initiative represents an effort to create value from existing assets rather than relying solely on balance-sheet accumulation. As new XRP Ledger features become available, Evernorth expects to broaden its approach, and Evernorth appears positioned to play a more active role in institutional XRP treasury management. Market debut and share performance. The announcement arrived during a notable week for Evernorth. Shares opened at $16.68 on Monday and remained relatively stable following the market debut. The stock closed Tuesday at $16.48 before edging higher to $16.60 in after-hours trading. Later Wednesday, Evernorth was scheduled to ring the Nasdaq closing bell, adding another milestone to its public market launch.

DWF Labs takes Bitgo to court over $141M token lock-up dispute. DWF Labs affiliates have taken cryptocurrency custodian Bitgo to London's High Court, demanding $141 million over allegedly premature sales of discounted tokens. The plaintiffs claim Bitgo violated contractual lock-up restrictions by moving Falcon Finance (FF) and ESPORTS tokens onto exchanges roughly two months before their scheduled release. The alleged transactions placed selling pressure on thinly traded markets, leaving DWF-linked investment firms holding substantial positions that had lost considerable value. Key takeaways. * DWF Labs affiliates are seeking $141 million from Bitgo over allegedly premature FF and ESPORTS token sales. * Bitgo allegedly moved discounted tokens to exchanges two months before their contractual lock-ups expired. * DWF Labs says the early sales damaged token prices, while Bitgo has declined to comment on the lawsuit. Bitgo faces $141 million legal battle over alleged token lock-up violations. According to a report from the Financial Times (FT), the discounted cryptocurrency deal has turned into a $141 million courtroom fight, with DWF Labs affiliates accusing Bitgo of breaking its promise to keep certain tokens locked away. The dispute centers on private token purchases that allegedly came with a straightforward condition. The institutional custodian Bitgo would receive the assets at reduced prices but could not sell or transfer them during an initial three-month lock-up period. Instead, the plaintiffs claim, tokens began moving onto exchanges roughly two months ahead of schedule, putting pressure on already fragile, illiquid markets and leaving the original sellers holding assets worth considerably less. DWF Labs accuses Bitgo of breaking its lock-up agreements. The plaintiffs, DWF Maas and Falcon Digital, are investment vehicles associated with Dubai-based cryptocurrency market maker DWF Labs. Their lawsuit concerns private over-the-counter (OTC) transactions involving Falcon Finance's FF token and ESPORTS, a cryptocurrency associated with the gaming sector. Under the alleged agreements, Bitgo acquired discounted token allocations in exchange for accepting an initial three-month lock-up period followed by additional vesting restrictions. The reported arrangement was intended to prevent large amounts of cryptocurrency from entering circulation while DWF developed products and worked to improve market liquidity. But according to the lawsuit, Bitgo jumped the gun. The plaintiffs allege that the custodian transferred or sold the tokens on exchanges approximately two months before the first scheduled unlock. DWF contends that those transactions introduced substantial selling pressure into markets characterized by limited liquidity and concentrated token ownership. The lawsuit maintains there is "no contractual or other legal excuse for Bitgo's conduct in transferring or selling" the tokens. Token prices take a beating as DWF demands $141 million. The financial fallout sits at the heart of the complaint. FF traded around $0.08 in early March 2026 before declining toward $0.07 by late April, according to historical market data. ESPORTS took a much harder hit, falling from approximately $0.28 in mid-March to $0.07 by early June. That represents a 75% decline over the period, although the extent to which Bitgo's alleged transactions contributed to the drop remains disputed and has not been established in court. DWF's affiliates contend that the premature sales damaged the value of their remaining holdings. The plaintiffs are demanding $141 million in damages, including a reported $114 million component associated with losses on tokens they continued to hold. The firms argue that the discounted purchase prices were explicitly conditional on Bitgo honoring the agreed restrictions. Without those conditions, the plaintiffs maintain, the transactions would not have proceeded on the same terms. DWF says it raised concerns months before filing suit. The dispute reportedly began escalating in April and May 2026, when DWF representatives confronted Bitgo over the alleged transfers. The company says those discussions failed to produce satisfactory assurances, prompting its affiliates to pursue legal action. "The discount Bitgo received was conditional on the tokens remaining locked, and they were moved to exchanges roughly two months before the first unlock. We raised this with Bitgo in April and May, and with no undertaking forthcoming, court action became necessary. We remain hopeful of, and open to, resolution," DWF said in a statement reported by the Financial Times. The case also arrives during a consequential year for the custodian, which made its New York Stock Exchange (NYSE) debut in January 2026 under the ticker BTGO. Its institutional custody and trading operations place the company squarely within the market for large cryptocurrency transactions and privately negotiated asset allocations. A $141 million test of crypto's private token deals. Beyond the substantial damages being sought, the lawsuit raises questions about how contractual restrictions are enforced when privately purchased cryptocurrency can move across exchanges and blockchain networks. Discounted OTC transactions are common in digital asset markets, allowing large investors to acquire substantial positions while giving token issuers and existing holders some control over when those assets enter circulation. Lock-up periods are central to those arrangements because they limit immediate selling pressure. The London proceedings will examine whether Bitgo breached enforceable contractual obligations and whether the alleged transactions caused the financial losses claimed by DWF's affiliates. For now, the accusations remain unproven, and no judicial determination has established that Bitgo violated the agreements or caused the reported price declines. DWF has indicated that it remains open to resolving the dispute outside court. The bigger question is whether the plaintiffs can demonstrate that Bitgo's alleged early transfers, rather than broader market conditions, were responsible for the losses behind their $141 million demand. Bitgo has not publicly responded to the lawsuit's allegations or posted about it on any social media channels.

DWF labs-linked firms sue BitGo for $141M over early token sales. News Fri, 09 Oct 2026 19:00:21 UTC 2 hours ago * Multimillion-dollar claim: DWF Maas and Falcon Digital sued institutional custodian BitGo for $141 million before the High Court of London in October 2026. * Vesting breach: The complaint alleges BitGo transferred and offloaded Falcon Finance (FF) and ESPORTS tokens on exchanges roughly two months ahead of their scheduled cliff dates. * Institutional heavyweights: BitGo oversees nearly $5 billion in assets under custody and trades on the New York Stock Exchange with a 2026 valuation estimated at $2 billion. Two subsidiaries tied to market-making firm DWF Labs filed a civil lawsuit against institutional custodian BitGo, alleging massive losses stemming from early token sales executed under over-the-counter (OTC) agreements. The lawsuit, lodged at the High Court of London by DWF Maas and Falcon Digital, demands $141 million in damages. A report published by the Financial Times reveals that BitGo allegedly breached lock-up covenants by transferring tokens to trading platforms prior to the vesting dates stipulated in their purchase agreements. ... Continue reading the full article at the original source below. This content is automatically aggregated. Full credit goes to the original publisher (crypto-economy.com).