Breaking: Ripple-Backed XRP Treasury Evernorth Files S-4, Finalizes Executive Agreements

In major XRP news today, Ripple-backed Evernorth Holdings has completed employment agreements with the remaining executives, including the CLO, CBO, and COO. The firm moves closer to merging with Armada Acquisition Corp II and launching the largest public XRP treasury.

Ripple-Backed Evernorth Updates S-4 with the US SEC

Evernorth Holdings, the Ripple-backed XRP treasury, filed amendment no. 5 to its Form S-4 registration statement with the U.S. Securities and Exchange Commission (SEC).

The firm revealed employment agreements with three senior executives. It mentions base salaries for CLO Jessica Jonas, CBO Sagar Shah, and COO Meg Nakamura.

Moreover, the executives will get a 50% annual bonus of their base salary, along with restricted stock units and employee benefits. Notably, Jessica Jonas will get a $4.5 million initial equity award.

In contrast, Ripple-backed Evernorth announced $2.8 million equity awards for CBO Sagar Shah and COO Meg Nakamura. The equity awards are governed by Evernorth’s 2026 Omnibus Incentive Plan and required approval by shareholders and the board of directors’ compensation committee.

Ripple-Backed Evernorth Moves Closer to Merger

As CoinGape reported earlier, Evernorth reached employment agreements with CEO Ashish Birla and CFO Matt Frymier. The amendment revealed details on salaries, equity awards, annual bonus, and vesting details for Birla and Frymier.

The latest employment agreements finalize compensation for the leadership team of Ripple-backed Evernorth, as the firm advances toward becoming the largest public XRP treasury. It moved closer to a business combination with Armada Acquisition Corp II, a special purpose acquisition company sponsored by Arrington Capital.

The proposed merger entity would trade under the ticker XRPN on Nasdaq. Notably, Evernorth has raised over $1 billion in gross proceeds from investors including Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken.

Evernorth has also named key people such as Ripple CLO Stuart Alderoty to the board of directors. Other directors include CEO Asheesh Birla, Ted Janus, OpenAI Foundation CFO Robert Kaiden, and Antalpha COO Derar Islim.

Impairments amid XRP Price Fall

XRP price is trading in the $1.05-1.09 range after falling 2% in the past 24 hours. The price is currently trading at $1.07, down more than 5% over the past week. Furthermore, trading volume has dropped further by 10% over the last 24 hours amid major headwinds such as Clarity Act delays.

As a result, Evernorth’s combined XRP holdings have dropped to $640 million. The firm announced a $38.4 million impairment in the last four months.

Meanwhile, Armada Acquisition Corp II (XRPN) stock price has dropped 0.2% in the last few days. While the stock continued its year-to-date upside momentum, XRP price decline has raised concerns among investors despite positive news.

As traditional equities and crypto continue to merge, traders can look into the best platforms to trade tokenized stocks to access traditional equity assets on the blockchain.