Evernorth Holdings, which holds Ripple (XRP) as its core asset, recorded a double-digit gain on its first day on the U.S. Nasdaq market, drawing investor attention.

Up 12.76% on Nasdaq Debut Day

As of 9:38 a.m. on the 12th (U.S. local time), Evernorth's ticker XRPN stood at $19.27 on the Nasdaq. This is $2.18 (12.76%) above the reference price of $17.09. The stock opened at $16.68, fell to as low as $16.65 intraday, then rebounded to reach $19.27. Trading volume at that point was tallied at 258,423 shares, with a market capitalization of about $1.05 billion, or approximately 1.4011 trillion won.

Debut as a Listed Company After Completing SPAC Merger

The transaction is significant in that Evernorth completed its SPAC merger process and launched as a Nasdaq-listed company. Evernorth announced on the 9th that it had completed its business combination with Armada Acquisition Corp. II. The company said it holds approximately 473 million XRP and secured about $300 million in cash before transaction costs.

In terms of business structure, Evernorth focuses on using XRP as the company's core financial asset. Rather than simply holding it, the company pursues a strategy of participating in the XRP ecosystem to expand XRP value per share.

'XRP Investment' Through Securities Accounts

The emergence of such a company on the U.S. stock market has changed the way investors can access XRP investment. Unlike directly purchasing XRP on cryptocurrency exchanges, investors can now trade shares of an XRP-related company through their securities accounts.

However, it should be noted that XRPN stock is not XRP itself. Stock prices are influenced not only by the company's asset value but also by its financial structure, share supply and demand, management strategy, and investor sentiment.

Renewed Attention to 'XRP at $32.91' Valuation... Not a BlackRock Price Target

Along with Evernorth's listing, past research on XRP's long-term valuation is also drawing renewed attention. Pumpius, an account active on X, noted that Robert Mitchnick, who leads BlackRock's digital assets division, previously studied XRP's future value. Pumpius claimed that Mitchnick conducted cryptocurrency valuation research with Stanford University economist Susan Athey, and that the figure of $32.91 per XRP appears in that study.

An important caveat is the nature of the $32.91 figure. This number is not an official XRP price target set by BlackRock. It relates to a theoretical valuation scenario derived from certain assumptions about adoption rates and transaction volumes in a cryptocurrency valuation study published in 2018. The fact that Mitchnick currently leads the digital assets business at BlackRock and claims that BlackRock has set an official target price for XRP should be distinguished from each other.

Nevertheless, the renewed interest in the past research reflects attention to XRP's long-term utility potential. The study examined how economic value could be assessed if cryptocurrencies were used as a means of payment and a store of value. However, whether the transaction volumes and usage environments assumed in the study will actually materialize is a separate matter. It is not appropriate to interpret a theoretical valuation figure as a price achievable in today's market.

Significance of the Listing and Future Variables

Separately from these discussions, Evernorth's Nasdaq listing means that the market value of companies utilizing XRP has begun to be assessed in the public stock market. XRPN's rise of more than 12% on its first trading day shows that buying pressure dominated early trading. However, it remains unknown whether the high price volatility seen immediately after trading began will persist.

The market views the value of Evernorth's XRP holdings, its future asset management strategy, the possibility of additional fundraising, and actual business performance as key variables in valuing the company. The entry of an XRP-related company into the stock market does not automatically guarantee a rise in the spot price of XRP.

Ultimately, the significance of this listing lies less in short-term forecasts of how high XRP's price will rise and more in confirming what kind of assessment a corporate operating model centered on digital assets can receive in mainstream capital markets. Whether the rise seen in the first trading session on the 12th will remain a temporary effect of early listing supply and demand or lead to sustained corporate value assessment must be confirmed through subsequent trading patterns and Evernorth's actual operating performance.

[Cryptocurrencies and related stocks are high-risk investment assets with high price volatility. Stock prices mentioned in this article are as of 9:38 a.m. on October 12, 2026, U.S. local time, and may change thereafter. Investment decisions and responsibilities rest with the investor. This article was written with the assistance of AI.]