RiskGame : Yes, for now till closing of merger, buying cep shares is the only way to own xxi .
After that, cep shares will trade as xxi shares on a 1:1 ratio, I believe.  After 6 months, they will issue new shares... details yet to be announced.
Mkt could be pricing in a higher btc price for xxi , I think. Plus a small float, shorts will be squeezed like lemons

74483586 : the er will be the fundamentals

EZ_money : a stock with no fundamentals hey why not just buy BTC it too has no fundamentals. it's class is a digital collectable no need for data

EZ_money : I wouldn't even call BTC a commodity because they actually have uses

RiskGame : There is strong fundamentals plus a small float, that's why the volatility.
Pricing is difficult but now we know the only way to get your hands on xxi from now till  6 months after xxi is listed  is through cep.
Imagine you got to wait about 3-6 months for the  listing & then only cep shares  will trade as xxi for another 6 months after listing? Btc will have already rocketed to mars.
PIPE, sponsors,  whatever investors can't get their hands on their new xxi shares yet , they can only buy from current cep shareholders.
Btc treasury + Cantor + tether + softbank + mallers + a small float... isn't this strong fundamentals??