Jory F.

If you bought into the mini Anthropic IPO last week you're now up 18x 🤯 this is just insane this point - $VCX is now trading at $565 - The fund's actual net asset value is $19 per share - Investors are paying ~30x what the underlying holdings are worth A $650 million portfolio of private companies is being valued by the market at nearly $10 billion. To put the premium in perspective: If you buy one share of VCX at $565, you're getting roughly $19 worth of Anthropic, OpenAI, SpaceX, Databricks, and Anduril. The other $546 is pure demand premium. You are literally paying $546 for the privilege of accessing these companies. And people are lining up to do it. Truly insane scenes

Quick morning update re: un-pause timeline & goals: Goal 1: Complete all Drift socializations today. Latest tomorrow. - We have code & processes in place for this, but the Drift event is still unique. So, we're going thru every single user who was affected to ensure the socialization is done correctly. - The time we're taking is going over a spreadsheet of users and spot checking numbers. We have over 100K users, but only a fraction of them used Drift. Goal 2: After we resume the P0 program, operations return to normal. There's nothing further users have to worry about. - If you're a Drift lender with remaining collateral from other venues, we are doing our best to ensure your account is healthy when we unpause. That way you're not immediately liquidated - If you're not a Drift lender, the maximum markdown you can expect from our unified pool is roughly 2% . We are containing risk to Drift lenders primarily, but P0 still operates with a single credit pool during its 7-month-old bootstrapping phase. - All of this will be done before we resume the P0 program. This means once we un-pause: 1) P0 is solvent 2) Program operations are healthy, continue as normal 3) Our unique cross-venue margin engine continues to give users unique cross-venue rate/carry/basis trades between Kamino, P0-native, & soon Jupiter Lend Also an important note: the socializations above are based on Drift assets being marked at 0. Drift assets are not at 0, but we have not yet received an update on how Drift intends to distribute remaining assets. That means that the numbers & processes included here are based on the most conservative scenario, and should be improved materially as Drift resolves the assets that still sit in its protocol. We will snapshot all users who receive any markdown and distribute these potential recovered Drift funds to them as soon as they become available & next steps are clear from Drift. Also -- all math and processes will be clear and published before we un-pause.

We have paused P0 temporarily to disable borrows against Drift banks. We will handle Drift deposits now. This ensures no new borrows can be made against Drift positions.