Evernorth Holdings, an XRP-focused fund planning to list on Nasdaq, has publicly detailed its executive compensation, tying leadership rewards to ambitious growth milestones and market performance as it prepares to become the largest XRP treasury on public markets.
Executive pay linked to business growth
A new Amendment No. 5 to the fund’s Form S-4, filed with the US Securities and Exchange Commission (SEC), shows that Evernorth’s top executives have received significant incentives. These include target bonuses representing 50% of their respective base salaries and sizable equity packages worth several million dollars.
Chief Legal Officer Jessica Jonas was granted a $400,000 annual base salary alongside Restricted Stock Units (RSUs) valued at $4.5 million. Meanwhile, Chief Growth Officer Sagar Shah and Chief Operating Officer Megumi Nakamura were each awarded an annual fixed salary of $300,000 and $2.8 million worth of equity grants.
This structure aims to incentivize the leadership team during the critical pre-listing phase as the fund seeks aggressive expansion in the institutional crypto space.
Evernorth’s executive compensation comes amid ongoing volatility in the digital asset market, placing additional scrutiny on the risk management strategies of major crypto funds.
Nasdaq debut and strategic merger
Evernorth is close to completing a merger with Armada Acquisition Corp. II, a Special Purpose Acquisition Company (SPAC) that operates as a blank-check platform and is backed by Arrington Capital, a prominent crypto investment firm. Upon completion of the merger, the fund aims to list on Nasdaq under the ticker symbol XRPN.
The company currently manages a sizable treasury of 473 million XRP tokens, making it one of the largest institutional holders in the XRP ecosystem.
Mini dictionary: Special Purpose Acquisition Company (SPAC), a corporate structure that raises capital from public investors to acquire or merge with an existing private company, providing the latter with a shortcut to stock market listing.
Evernorth’s merger and upcoming public listing reflect growing interest in regulated, institutionally backed crypto investment vehicles.
Token reserves and financial impact
Despite previous fundraising efforts exceeding $1 billion in gross proceeds, Evernorth encountered a $38.4 million impairment loss on its digital asset holdings following a recent decline in XRP price. The fair market value of the fund’s reserves was adjusted to $640 million as of the end of July.
| Metric | Previous Value | Updated Value |
|---|---|---|
| Gross proceeds raised | $1 billion | – |
| Impairment loss recognized | – | $38.4 million |
| XRP reserve value (end-July) | Not stated | $640 million |
| Number of XRP tokens | – | 473 million |
These financial adjustments have not deterred the company’s institutional supporters. Ripple, which develops the XRP ledger; Japanese financial conglomerate SBI Holdings; Pantera Capital, a US-based crypto investment firm; and the crypto exchange Kraken are among the entities backing the XRPN project.
Regulated gateway to the XRP ecosystem
With the planned Nasdaq debut, Evernorth aims to expand regulated access to XRP for traditional investors. The project’s filings with the SEC highlight management’s willingness to maintain a long-term strategy, even as current market conditions have led to unrealized losses.
As Evernorth moves toward public trading, the firm is positioning itself as a potential entry point to the XRP ecosystem for institutional and retail investors seeking regulated exposure.
