How to turn $100k into 291 MILLION XPL (or ~$105m at current prices) A VC invested ~$100k into Plasma equity via a SAFE and purchased token warrants allowing them to buy XPL at a price of ~$0.0000347. In August 2025 the VC exercised the warrants and bought ~12.5m XPL for $433.75. To turn this into 291m XPL we need a bit more context: The original token warrants had a wording error, stating that the amount of XPL they were entitled to was based on the VC's total equity in Plasma - this would have entitled them to 2.6% of XPL's max supply. The VC already held shares in Plasma due to M&A activities in 2024, and then obtained further equity via the SAFE agreements. In March 2025 they then purchased more equity via secondary markets. Plasma noticed this error in July 2025 and amended the token warrants to clarify the XPL amount was based solely on the SAFE investment and NOT the total equity held - this entitled the VC to ~12.5m XPL as exercised above. Since August 2025, the VC has taken the stance that they are entitled to an additional 279 MILLION XPL due to the wording in the original warrants (a total of 291m XPL), claiming that the amendment was invalid. Plasma have now token the VC to court, asking the court to confirm that the amendments to the token warrants are valid, and that the funds are only entitled to 12.5m XPL. Funnily enough, a partner of the VC also sits on the board of Plasma. The courts will now decide whether you can turn $100k into 291m XPL, or only 12.5m XPL.