As Ripple (XRP) trades around the $1.19 level, Evernous Holdings (XRPN), a company listed on the U.S. Nasdaq, has risen more than 3%, drawing market attention. With volatility expanding in the cryptocurrency market, overseas crypto media outlets have pointed to Evernous's XRP holdings strategy and potential share-selling pressure as key variables as the stock of a company holding large amounts of XRP rebounds. It is time to examine both XRP's price and the movements of related stocks in the U.S. stock market.

■ Evernous Rises 3.30%... Trading at $10.64

As of 9:52 a.m. on the 6th (U.S. local time), Evernous Holdings was trading at $10.64 on the Nasdaq, up $0.34 (3.30%) from the previous trading day. The price in won is approximately 14,488 won. XRP is trading around $1.19. However, XRP's daily change could not be confirmed, so it is difficult to conclude that it is moving in the same direction as Evernous's share price.

■ Holding Approximately 473 Million XRP... Core of the Strategy Is 'Value per Share'

Evernous is a company that holds XRP as its core asset. Unlike typical cryptocurrency-related companies, its XRP holdings and asset management strategy carry significant weight in corporate valuation.

Overseas crypto media outlet Cryptoslate reported on the 5th that Evernous entered the U.S. securities market holding approximately 473 million XRP. Assuming an XRP price of $1.19, the simple valuation of these holdings amounts to approximately $562.87 million. However, since changes in actual holdings, corporate debt, and other assets must be taken into account, this amount does not directly represent the company's net asset value.

The core of Evernous's strategy lies in expanding its XRP holdings while increasing the value of XRP per share. This differs from a simple holding strategy of merely waiting for XRP prices to rise. The key question is how the company manages its assets and how much of that performance is reflected in shareholder value.

■ Resale Registration for Up to 73,688,162 Shares... "Different from Actual Selling"

Recent overseas reports on Evernous have also highlighted the possibility of share supply. In a report on the 5th, Cryptoslate said Evernous had filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for the potential resale of approximately 73.7 million shares. In fact, a preliminary registration statement filed by Evernous on October 30 lists up to 73,688,162 shares of Class A common stock as subject to resale registration. Those covered by the registration include Ripple Labs, Arrington XRP Capital, and investment entities related to Japan's SBI Holdings.

However, resale registration does not immediately mean actual share sales. Some shares must go through conversion or exchange procedures, and stock transfer restrictions for a certain period apply to major investors.

■ There Is No Formula That 'When XRP Rises, the Stock Rises Too'

XRP and Evernous stock differ in that they trade in different markets. XRP is a digital asset traded 24 hours a day on global cryptocurrency exchanges, with its price influenced by market supply and demand, liquidity, and overall crypto investment sentiment. In contrast, Evernous is a listed company trading in the U.S. securities market, and its share price can reflect not only the value of its XRP holdings but also stock supply and demand, corporate financial condition, and asset management performance.

In particular, companies holding large amounts of XRP may see the valuation of their holdings fluctuate as crypto prices move. However, a rise in XRP's price does not necessarily mean Evernous's share price will rise by the same proportion, because stock market valuations and company-specific risk factors operate separately. Evernous's 3.30% rise on the 6th should also be viewed from this perspective.

Even if a company's total XRP holdings increase, the XRP held per share could actually decrease if the number of shares grows faster. Therefore, it is necessary to distinguish between changes in total XRP holdings and per-share asset value.

The current movements — XRP trading around $1.19 and Evernous rising to $10.64 — show that the cryptocurrency market and the U.S. stock market evaluate XRP-related investment vehicles in different ways. With volatility continuing in both crypto and related stocks, attention is focused on what relationship XRP's price and Evernous's share price will show going forward.

[Some AI assistance was used in producing this article. This does not recommend buying or selling any specific stock; investment decisions and responsibilities rest with the investor.]