Cited as an example of a project where equity holders were paid during an acquisition, but the token holders were left with nothing, highlighting the risk of the 'dual token-equity path'.

The investment thesis for Padre as an acquisition target proved correct, but the trade resulted in a loss for token holders. They were compensated with PUMP tokens at the pre-acquisition value, missing all upside, which highlights significant token holder risk.

Holders of $PADRE as of a snapshot on October 24, 2025, are eligible to receive $PUMP tokens.

Following its acquisition by Pump.fun, the speakers believe the Padre token will 'just die' because any future value will accrue to the acquirer's token, not its own.