Arithmetic on today's supply, not a forecast. It assumes nothing about whether PAX Gold could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. PAX Gold has 432,878 PAXG in circulation at $4,355.89 each, which is $1.89B. Holding that supply still and putting Internet Computer's $1.5B in its place gives $3,474.25 per PAXG.
PAX Gold is already worth more than Internet Computer. Moving to the smaller cap would take PAXG down to $3,474.25, which is 0.798x of what it trades at now.
Supply is held still, and in practice it moves: coins are minted, burned and unlocked, and every one of those changes the price a given market capitalisation implies. The figure also says nothing about whether the money exists to buy PAXG at that level, which is the part that actually decides a price.
$3,474.25 per PAXG. That is Internet Computer's current market capitalisation of $1.5B divided across the 432,878 PAXG in circulation.
0.798x. PAX Gold trades at $4,355.89 today and Internet Computer's market cap is $1.5B against PAX Gold's $1.89B.
No. It is one division: Internet Computer's market capitalisation spread over the supply of PAXG that exists today. It assumes nothing about whether PAX Gold could attract that much money, and it holds the supply still when in practice supply changes.
It sets it. Market cap is price times circulating supply, so the same $1.5B of market cap spread over more coins gives a lower price per coin. This uses the 432,878 PAXG in circulation now.