March 13, 2026 - March 15, 2026, the price of the $4B option crashed from 49c to 12c, a 75% drop, directly causing the current severe price inversion (falling below the $5B option). Meanwhile, the $1B option rebounded from 70.9c to 81.4c, indicating increased market confidence in the IPO taking place, but a breakdown in the pricing mechanism for specific valuation ranges.
February 23, 2026 - February 24, 2026, the price of the $4B option surged from 26c to 51.5c, reflecting an overheated market reaction to high valuation targets, briefly exceeding the $3B option.
February 9, 2026 - February 10, 2026, the price of the $4B option rose from 21c to 37c, a delayed reaction to rumors of Ledger seeking a $4 billion valuation.