I went looking for what the institutional filings actually say about the base asset behind $SPCXB. The feed read the headline: giant funds hold billions of it, so it must be solid. The filings say something else.

The mechanism. Quarterly US institutional disclosures are a photo of the last day of a quarter, published up to 45 days later. A sovereign fund reported 154,146,835 shares at 26.34 billion dollars. A separate filer reported 551.2 million shares at 94.2 billion. Divide both: 170.88 and 170.90. The same implied price, from two unrelated filers. That price is 30 June.

Then regional coverage valued that identical 154.1 million share position at 21.5 billion, using 139.50 per share. Same filing, same share count, 4.8 billion apart.

What you get. Two filers accidentally published the same mark, so you can now date almost any number you read.

What you pay. Three things.

1 You pay a live price against facts that are 49 days old. Your token reprices every second. A filing never reprices.

2 Nobody labels a mark as a mark. Both figures are true and sit 18 percent apart. A headline will not tell you which one you got.

3 The cheap bearish signal got expensive. Short interest as a percent fell partly because the pool it is measured against grew, not only because bears left. The borrow fee is a real price: 0.51 percent in late June, 2 to 3 percent now.

Honest limits. I did not measure anything on my own screen for this one. I read public disclosures as reported and did one division twice. The arithmetic is the whole finding, and you can redo it in ten seconds.

Before buying on a filing headline, find the date on the number.

@BinanceCIS could a bStock page show the timestamp of the reference price it quotes?

$SPCXB
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