Ripple-backed Evernorth filed another amendment to its SEC registration statement, confirming equity compensation packages for its executive team, including $44 million for CEO Asheesh Birla. The company plans a Nasdaq listing under the XRPN ticker and aims to build a $1 billion XRP treasury representing approximately 473 million tokens, or about 0.8% of the circulating supply. XRP currently trades around $1.06, well below Evernorth’s implied cost basis of approximately $2.44, leaving institutional positions underwater while supporting the accumulation thesis. If XRPN lists and the XRP treasury strategy succeeds, supply could tighten and support long-term price targets around $2.80.
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