$1B Evernorth XRP Treasury Nears Completion with Key Executive Hires
Ripple-backed Evernorth Holdings has updated its SEC filing for a $1 billion XRP treasury, a key step toward its planned Nasdaq listing. The company finalized employment terms for three senior executives: chief legal officer Jessica Jonas, chief business officer Sagar Shah, and chief operating officer Meg Nakamura. Each executive is eligible for an annual bonus equal to 50% of their base salary and will receive restricted stock units as part of their compensation packages.
The agreements bring Evernorth's disclosed compensation arrangements for its main leadership team to a close. The company had previously finalized employment terms for CEO Asheesh Birla, who received a base salary and an initial equity award valued at approximately $44 million. CFO Matt Frymier also received a base salary, annual bonus eligibility, and an equity award worth about $5.6 million.
Evernorth plans to use the capital from its expected gross proceeds of over $1 billion to establish what it describes as the largest publicly traded XRP treasury. A completed transaction would give US stock-market investors indirect exposure to XRP through a corporate treasury whose value could also depend on operating expenses, management decisions, and changes in the market value of its XRP holdings.
Evernorth has appointed several directors with ties to the cryptocurrency and financial sectors, including Ripple chief legal officer Stuart Alderoty. The company launched a Japanese-language account earlier in July to publish local updates and explain market developments, stating 'Japan believed in XRP early on. Together, we will build from here.'
The value of Evernorth's combined XRP holdings has decreased due to the recent decline in XRP prices. $XRP was trading between $1.05 and $1.09, with a 2% drop over 24 hours and more than 5% during the previous week.