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In every Cargo vault, new shares are sold only by the Vault SPV, below NAV. You hold them in your own whitelisted wallet. There are four ways out. The figures below are the Genesis Vault’s (cvCOCOA, West African Grade 1 cocoa); each new vault publishes its own in its term sheet.

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Buying

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Genesis Auction

Each vault opens with a Genesis Auction: a bonding curve that stops below NAV. The price rises with the USDC raised, so earlier money buys at a deeper discount. Genesis Vault (Cycle 1). Price per share P(R) = 4.793 + (5.118 − 4.793) × R ÷ 1,500,000, where R is USDC raised so far.
Line chart: Genesis price rising linearly from $4.793 at $0 raised to $5.118 at $1.5M, below the NAV of $5.277 and the 97% of NAV ceilingLine chart: Genesis price rising linearly from $4.793 at $0 raised to $5.118 at $1.5M, below the NAV of $5.277 and the 97% of NAV ceiling

Genesis Vault: earlier money buys at a deeper discount. Every seat is below NAV.

Price along the Genesis Vault curve, against the NAV of 9 Oct 2026 ($5.277):

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Batch Auctions, Every 12 Days

After its Genesis Auction, each vault sells new shares in sealed batch auctions at a fixed interval. In the Genesis Vault, the interval is 12 days.
1

Lots Are Published

Lot ID, quantity, grade, warehouse, receipt, originator and reserve are published before the window opens.
2

Place a Sealed Bid

Price per share and quantity, minimum $5,000. Bids can be edited until clearing.
3

Clearing

Every 12 days at 12:00 UTC, starting after Genesis settlement (weekends and reference-market holidays roll to the next trading day). One uniform price, the lowest winning bid, pro rata at the margin.
4

Settlement

Atomic and on-chain: USDC against shares. 0.25% fee per side; panel market makers bid fee-free. The clearing price, discount to NAV, volume, bid-to-cover and lot IDs go on the public tape.

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Exiting

In the Genesis Vault, the first redemptions strike at Batch 4. If redemption requests exceed bridge capacity for two batches, capacity is raised and redemptions may be filled pro rata. There is no guarantee of a bid on RFQ.