> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cargotrading.xyz/llms.txt
> Use this file to discover all available pages before exploring further.
# Buying and Exiting Vault Shares
> How to buy Cargo vault shares in a Genesis curve and the batch auctions, and every way out: redemption at NAV, the Liquidity Bridge, RFQ and physical delivery. With the Genesis Vault (cvCOCOA) terms.
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.
## Buying
### 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.
Genesis Vault: earlier money buys at a deeper discount. Every seat is below NAV.
| | |
| :- | :- |
| First seat | \$4.793, 9.2% below NAV |
| Last seat | \$5.118, 3.0% below NAV |
| Bands | A: 8.1% below NAV · B: 6.1% · C: 4.0% |
| Minimum | \$500,000 raised, or every dollar is refunded |
| Cap | $1,500,000: 302.8 t of cocoa at an average $4.954 (6.1% below NAV) |
| Ceiling | No buyer pays above 97% of NAV |
| Fees | None on the curve |
| Fill order | By time; the priority window fills first |
| Window | A priority window, then a public window, then settlement. Rescheduled from 14–23 Oct 2026; new dates to be announced |
Price along the Genesis Vault curve, against the NAV of 9 Oct 2026 (\$5.277):
| Raised Before You | Price per Share | Below NAV |
| :- | -: | -: |
| \$0 (first seat) | \$4.793 | 9.2% |
| \$500k | \$4.901 | 7.1% |
| \$1M | \$5.010 | 5.1% |
| \$1.5M (last seat) | \$5.118 | 3.0% |
### 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.
## Exiting
```mermaid theme={null}
flowchart LR
H(["You hold vault shares"]) --> R["Redemption · NAV − 0.10%
above the vault minimum, at a batch"] --> U(["USDC"])
H --> B["Liquidity Bridge · NAV − 1.0%
instant, up to capacity"] --> U
H --> Q["RFQ · firm quotes
blocks from $25,000"] --> U
H --> P["Physical delivery · at cost
above the vault minimum"] --> K(["Goods to your buyer"])
classDef key fill:#0E4A66,stroke:#5BB4DB,stroke-width:2px,color:#ffffff
classDef accent fill:#F47A20,stroke:#F47A20,color:#ffffff
class H accent
class U,K key
```
| Route | Who | Price | Timing |
| :- | :- | :- | :- |
| **Redemption** | Any holder above the vault minimum (Genesis Vault: 1,000 shares) | NAV − 0.10% | Request until 24 h before a batch; struck at that batch; paid within 12 days in the Genesis Vault |
| **Liquidity Bridge** | Any holder | NAV − 1.0% | Instant, up to published capacity |
| **RFQ** | Any holder | Firm quotes from panel market makers | From Genesis settlement; blocks from \$25,000; settled atomically |
| **Physical delivery** | Above the vault minimum (Genesis Vault: 10,000 shares) | At cost | Ex-warehouse to your nominated buyer (Genesis Vault: from 10 t, to your nominated licensed exporter) |
> [!WARNING]
>
> 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.
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