You don't seem to understand the concept of marginal utility. I'm happy to sell 10% for the IPO price, but I would not sell the next marginal 10% for the same amount (I would be unwilling to sell it unless the price was higher).

So the first 10% of shares are worth less than .0032BTC to me (their marginal utility is lower), but the next 10% are worth more than .0032 to me and thus are not being offered at that price. In the same way, an investor with 1000 btc might value his first 100btc less than X amount of SD stock, but wouldn't value his next 100btc at that same price, and thus he'd be willing to trade 100btc for the X amount of stock, but no more than that.