If a company lists

Insiders are usually barred from selling at the open. That lock-up is often 180 days. Some companies, including the SpaceX example in the source docs, stagger the release instead of one cliff. A confidential S-1 filing is earlier still. It is not an IPO.

What has to happen before a payout

1. 1A liquidity event occurs.
2. 2The lock-up on the underlying position ends.
3. 3Proceeds from an actual sale are received.
4. 4A distribution window opens.

For a WLTH Slice, open Portfolio after that chain and tap Claim. The Slice converts to USDC, net of fees. You can keep the USDC or, where offered, swap into a public ticker such as SPCX. That swap is optional.

Before that, you may still list the Slice on the marketplace if the fund rules allow it. A listing is not a guaranteed sale.

Adjusted market cap

After a company trades publicly, the headline market cap is the company today. It does not, by itself, show dilution from later share issues, employee equity, mergers paid in stock, or the listing itself. WLTH may show an Adjusted Market Cap so an earlier private position can be compared with the company now. It is a reference value, not a live sale price.