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 432,746 PAXG in circulation at $4,356.47 each, which is $1.89B. Holding that supply still and putting World Liberty Financial's $1.83B in its place gives $4,221.09 per PAXG.
PAX Gold is already worth more than World Liberty Financial. Moving to the smaller cap would take PAXG down to $4,221.09, which is 0.969x 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.
$4,221.09 per PAXG. That is World Liberty Financial's current market capitalisation of $1.83B divided across the 432,746 PAXG in circulation.
0.969x. PAX Gold trades at $4,356.47 today and World Liberty Financial's market cap is $1.83B against PAX Gold's $1.89B.
No. It is one division: World Liberty Financial'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 $1.83B of market cap spread over more coins gives a lower price per coin. This uses the 432,746 PAXG in circulation now.