What is the reason for having to buy Xbonds at .0012 just so you can buy IPVO shares at .0025? Wouldn't this cost more than the .003 for the IPO shares?
.0012 + .0025 = .0037
Am I missing something?
You're missing that Xbonds were originally .001 so offered a discount.
At current prices you aren't paying for a discount on .003, you're buying to be sure you get shares at all (or betting that the open IPO ones sell at a price at which paying whatever Xbonds now go for is actually a discount).