Here's something worth thinking about: when private market investments transition to public exchanges, there's typically a significant valuation gap. We're talking about 30-40% overpricing from what these assets were worth in the private round. It's a fascinating dynamic that shows how different market conditions and investor bases can shape asset pricing. The jump from private to public isn't always a smooth curve—there's real volatility in how the market reprices these holdings once they hit open trading. Understanding this spread helps explain some of those wild price movements you see right after IPOs or major listings hit exchanges.