Evernorth Holdings, the XRP-focused digital asset treasury company preparing to list on the Nasdaq under ticker XRPN, has filed Amendment No. 5 to its SEC Form S-4. The filing discloses detailed executive compensation packages and reveals that the company recognized a $38.4 million impairment loss on its digital assets, with its XRP reserves now valued at approximately $640 million as of the end of July 2026.

Executive Compensation Structure

According to the filing, the company has tied management pay directly to business growth milestones ahead of the Nasdaq listing. Key executive packages include target bonuses equal to 50% of base salaries, plus equity awards in the form of restricted stock units (RSUs).

Chief Legal Officer Jessica Jonas received a base salary of $400,000 and an RSU package valued at $4.5 million. Chief Growth Officer Sagar Shah and Chief Operating Officer Megumi Nakamura were each granted $300,000 in fixed annual compensation and $2.8 million in equity awards.

$38.4 Million Impairment on XRP Reserves

The company holds 473 million XRP tokens. According to the S-4 filing, the recent decline in XRP's price forced the company to recognize a $38.4 million impairment loss on its digital assets. As a result, the current value of its cryptocurrency reserves was adjusted to $640 million at the end of July 2026.

Evernorth raised more than $1 billion in gross proceeds through its financing rounds. The impairment reflects the gap between the cost basis from those raises and the current market value — a paper loss rather than a cash loss, but one that is required to be disclosed under accounting standards applicable to digital assets.

SPAC Merger and Nasdaq Timeline

Evernorth is finalizing a merger with Armada Acquisition Corp. II, a special purpose acquisition company backed by Arrington Capital. The combined entity plans to trade under the ticker XRPN on the Nasdaq, and is positioned to become the world's largest publicly traded XRP treasury company.

The company's institutional backing includes Arrington Capital, SBI Holdings, Pantera Capital, and Kraken, in addition to Ripple itself. SBI Holdings — Japan's largest online brokerage and a major XRP holder — brings specific relevance for the Japanese market, where XRP has historically seen significant retail and institutional demand.

Context: The Institutional Treasury Playbook

The Evernorth model mirrors the MicroStrategy approach applied to XRP: raise capital, accumulate the asset, hold it in a treasury structure, and give institutional investors regulated equity exposure without direct custody. The S-4 compensation structure — aggressive bonuses, large equity grants tied to listing milestones — signals that the management team has significant personal incentive to see the listing through.

The $38.4 million impairment does not change the underlying XRP position. 473 million XRP remains on the balance sheet. But it is a transparent disclosure of what the price decline has cost the company on paper — and it will be part of the public record when XRPN begins trading.

For ongoing XRP ETF custody and supply data, see our earlier coverage of Evernorth's Japan expansion and XRPN listing plans.

Sources

  • U.Today — "Biggest XRP Treasury Reveals 50% Top-Manager Bonuses Ahead of Nasdaq Listing," Gamza Khanzadaev, July 31, 2026
  • SEC EDGAR — Evernorth Holdings Form S-4 Amendment No. 5, filed July 2026