Here's my math on the 21/potentialSPAC deal •Component Value BTC (net exposure): 3.42B •Cash Raised (PIPE + Convert): 540M •Softbank buy-in value: 987M •Total Economic Exposure: 4.9B–5B range •CEP’s current market cap = 190M ~96% Discount to Implied Intrinsic Value Why the discount exists: 1. Deal Completion Skepticism (Not all SPAC deals close). 2. Extreme Dilution Ahead