diff --git a/internal/objectstoreplugin/exchangeclient/exchangeclient.go b/internal/objectstoreplugin/exchangeclient/exchangeclient.go
index abf7999c9d..1d2b15a632 100644
--- a/internal/objectstoreplugin/exchangeclient/exchangeclient.go
+++ b/internal/objectstoreplugin/exchangeclient/exchangeclient.go
@@ -23,6 +23,7 @@ package exchangeclient
 import (
 	"context"
 	"crypto/tls"
+	"crypto/x509"
 	"errors"
 	"fmt"
 	"io"
@@ -85,11 +86,38 @@ func New(cfg Config) (*Source, error) {
 	if cfg.Address == "" {
 		return nil, errors.New("exchangeclient: Address is required")
 	}
-	pool, err := credbundle.ParsePool(cfg.CAFile)
-	if err != nil {
+	loadRootCAs := credbundle.PoolLoader(cfg.CAFile)
+	if _, err := loadRootCAs(); err != nil {
 		return nil, fmt.Errorf("exchangeclient: while loading the exchange CA bundle: %w", err)
 	}
-	creds := credentials.NewTLS(&tls.Config{MinVersion: tls.VersionTLS13, RootCAs: pool, ServerName: cfg.ServerName})
+	creds := credentials.NewTLS(&tls.Config{
+		MinVersion: tls.VersionTLS13,
+		ServerName: cfg.ServerName,
+		// RootCAs is frozen once the config is in use, so the exchange's
+		// certificate is verified in VerifyConnection against the reloadable
+		// pool: a CA rotation applies on the next handshake, without
+		// restarting the plugin.
+		InsecureSkipVerify: true, //nolint:gosec
+		VerifyConnection: func(cs tls.ConnectionState) error {
+			pool, err := loadRootCAs()
+			if err != nil {
+				return err
+			}
+			if len(cs.PeerCertificates) == 0 {
+				return errors.New("exchangeclient: the exchange presented no certificate")
+			}
+			inter := x509.NewCertPool()
+			for _, c := range cs.PeerCertificates[1:] {
+				inter.AddCert(c)
+			}
+			_, err = cs.PeerCertificates[0].Verify(x509.VerifyOptions{
+				Roots:         pool,
+				Intermediates: inter,
+				DNSName:       cfg.ServerName,
+			})
+			return err
+		},
+	})
 	conn, err := grpc.NewClient(cfg.Address, grpc.WithTransportCredentials(creds), grpc.WithStatsHandler(otelgrpc.NewClientHandler()))
 	if err != nil {
 		return nil, fmt.Errorf("exchangeclient: while creating the exchange client: %w", err)
diff --git a/internal/objectstoreplugin/exchangeclient/reload_test.go b/internal/objectstoreplugin/exchangeclient/reload_test.go
new file mode 100644
index 0000000000..1ebc932e88
--- /dev/null
+++ b/internal/objectstoreplugin/exchangeclient/reload_test.go
@@ -0,0 +1,177 @@
+// Copyright 2026 The Agent Substrate Authors
+//
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+//
+//     http://www.apache.org/licenses/LICENSE-2.0
+//
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+package exchangeclient
+
+import (
+	"context"
+	"crypto/ecdsa"
+	"crypto/elliptic"
+	"crypto/rand"
+	"crypto/tls"
+	"crypto/x509"
+	"crypto/x509/pkix"
+	"encoding/pem"
+	"math/big"
+	"net"
+	"os"
+	"path/filepath"
+	"testing"
+	"time"
+
+	"google.golang.org/grpc"
+	"google.golang.org/grpc/codes"
+	"google.golang.org/grpc/credentials"
+	"google.golang.org/grpc/status"
+	"google.golang.org/protobuf/types/known/timestamppb"
+
+	"go.ate.dev/substrate/internal/objectstoreplugin/credential"
+	exchangepb "go.ate.dev/substrate/internal/proto/objectstoreexchangepb"
+	"go.ate.dev/substrate/pkg/objectstorage"
+)
+
+// stubExchange answers every exchange with one token.
+type stubExchange struct {
+	exchangepb.UnimplementedCredentialExchangeServer
+}
+
+func (stubExchange) ExchangeActorJwt(context.Context, *exchangepb.ExchangeActorJwtRequest) (*exchangepb.ExchangeActorJwtResponse, error) {
+	return &exchangepb.ExchangeActorJwtResponse{AccessToken: "tok", ExpireTime: timestamppb.New(time.Now().Add(time.Hour))}, nil
+}
+
+// TestNew_ReloadsTheCAFile verifies that a rotation of the exchange CA bundle
+// on disk is picked up by the next handshake, without rebuilding the Source:
+// the node plugin outlives the rotation of the exchange's serving CA.
+func TestNew_ReloadsTheCAFile(t *testing.T) {
+	ca := newTestCA(t)
+	caFile := filepath.Join(t.TempDir(), "ca.pem")
+	writeFile(t, caFile, ca.pem())
+
+	rotatedCA := newTestCA(t)
+	addr := serveExchange(t, rotatedCA.issueServerCert(t))
+
+	s, err := New(Config{Address: addr, CAFile: caFile, ServerName: "localhost"})
+	if err != nil {
+		t.Fatalf("New() error = %v", err)
+	}
+	defer s.Close()
+	s.newClient = func(context.Context, credential.Token) (objectstorage.ObjectStorage, error) {
+		return &fakeClient{}, nil
+	}
+
+	ctx, cancel := context.WithTimeout(context.Background(), 10*time.Second)
+	defer cancel()
+
+	if _, err := s.Client(ctx, "jwt", false); status.Code(err) != codes.Unavailable {
+		t.Fatalf("Client() against the rotated CA's cert before trusting it: error = %v, want a handshake failure", err)
+	}
+
+	// Step 1 of the rotation: the bundle carries the old and the new root.
+	writeFile(t, caFile, append(ca.pem(), rotatedCA.pem()...))
+
+	// The connection redials on its own after the failed handshake's backoff.
+	for {
+		_, err := s.Client(ctx, "jwt", false)
+		if err == nil {
+			return
+		}
+		if ctx.Err() != nil {
+			t.Fatalf("Client() after the CA rotation: error = %v", err)
+		}
+		time.Sleep(50 * time.Millisecond)
+	}
+}
+
+// serveExchange serves a stub exchange over TLS with cert and returns its
+// address.
+func serveExchange(t *testing.T, cert tls.Certificate) string {
+	t.Helper()
+	srv := grpc.NewServer(grpc.Creds(credentials.NewTLS(&tls.Config{Certificates: []tls.Certificate{cert}, MinVersion: tls.VersionTLS13})))
+	exchangepb.RegisterCredentialExchangeServer(srv, stubExchange{})
+	lis, err := net.Listen("tcp", "127.0.0.1:0")
+	if err != nil {
+		t.Fatalf("listen: %v", err)
+	}
+	go srv.Serve(lis)
+	t.Cleanup(srv.Stop)
+	return lis.Addr().String()
+}
+
+type testCA struct {
+	cert    *x509.Certificate
+	certDER []byte
+	key     *ecdsa.PrivateKey
+}
+
+func newTestCA(t *testing.T) *testCA {
+	t.Helper()
+	key := generateKey(t)
+	template := &x509.Certificate{
+		SerialNumber:          big.NewInt(1),
+		Subject:               pkix.Name{CommonName: "test-ca"},
+		NotBefore:             time.Now().Add(-time.Hour),
+		NotAfter:              time.Now().Add(time.Hour),
+		IsCA:                  true,
+		KeyUsage:              x509.KeyUsageCertSign,
+		BasicConstraintsValid: true,
+	}
+	der, err := x509.CreateCertificate(rand.Reader, template, template, &key.PublicKey, key)
+	if err != nil {
+		t.Fatalf("create CA certificate: %v", err)
+	}
+	cert, err := x509.ParseCertificate(der)
+	if err != nil {
+		t.Fatalf("parse CA certificate: %v", err)
+	}
+	return &testCA{cert: cert, certDER: der, key: key}
+}
+
+func (ca *testCA) pem() []byte {
+	return pem.EncodeToMemory(&pem.Block{Type: "CERTIFICATE", Bytes: ca.certDER})
+}
+
+func (ca *testCA) issueServerCert(t *testing.T) tls.Certificate {
+	t.Helper()
+	key := generateKey(t)
+	template := &x509.Certificate{
+		SerialNumber: big.NewInt(3),
+		Subject:      pkix.Name{CommonName: "test-server"},
+		NotBefore:    time.Now().Add(-time.Hour),
+		NotAfter:     time.Now().Add(time.Hour),
+		DNSNames:     []string{"localhost"},
+		KeyUsage:     x509.KeyUsageDigitalSignature,
+		ExtKeyUsage:  []x509.ExtKeyUsage{x509.ExtKeyUsageServerAuth},
+	}
+	der, err := x509.CreateCertificate(rand.Reader, template, ca.cert, &key.PublicKey, ca.key)
+	if err != nil {
+		t.Fatalf("create server certificate: %v", err)
+	}
+	return tls.Certificate{Certificate: [][]byte{der}, PrivateKey: key}
+}
+
+func generateKey(t *testing.T) *ecdsa.PrivateKey {
+	t.Helper()
+	key, err := ecdsa.GenerateKey(elliptic.P256(), rand.Reader)
+	if err != nil {
+		t.Fatalf("generate key: %v", err)
+	}
+	return key
+}
+
+func writeFile(t *testing.T, path string, data []byte) {
+	t.Helper()
+	if err := os.WriteFile(path, data, 0o600); err != nil {
+		t.Fatalf("write %s: %v", path, err)
+	}
+}