> For the complete documentation index, see [llms.txt](https://docs.colb.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.colb.finance/products/tokenized-pre-ipos/crev-tokenized-revolut.md).

# CREV (Tokenized Revolut) 

## CREV (Tokenized Revolut)

Tokenized exposure to pre-IPO Revolut shares through Colb.

**Network:** BNB Chain \
\
[Token Term Sheet](https://colb-public.s3.eu-west-3.amazonaws.com/WebsiteDocuments/Revolut+\(CREV\)+Colb+Term+Sheet.pdf)

***

### What is CREV?

CREV is a Colb Tracker Token issued by the Colb Trust that provides on-chain economic exposure to pre-IPO Revolut shares.

Each CREV token is fungible, NAV-priced, and backed by the value of the underlying Revolut shares held through the Trust.

In practice, holding CREV gives you economic exposure to the performance and growth of Revolut.

***

### How It Works

1. **Complete KYC Onboarding** — Get whitelisted to interact with Colb smart contracts.
2. **Deposit $USC** — Submit a purchase request through the Colb WebApp. Your request enters the deposit queue.
3. **Deposit Settlement** — Fees are calculated and deducted. $USC is sent to the treasury.
4. **CREV Tokens Are Minted** — Your $USC is converted into CREV tokens at the current NAV using the oracle price. Tokens are minted to your wallet.

For full details on the mechanics, see [INVESTMENT CORE TECH](https://docs.colb.finance/investment-core-tech)

***

### Pricing

CREV is priced at Net Asset Value (NAV), updated based on:

* **Recent SPV transactions** – If shares have been recently acquired, pricing reflects the latest transaction price.
* **Quarterly valuation** – In the absence of recent transactions, pricing relies on the official quarterly company valuation.

***

### Fees

| Fee            | Description                        |
| -------------- | ---------------------------------- |
| Deposit Fee    | One-time fee when purchasing       |
| Redemption Fee | One-time fee when redeeming tokens |

Ongoing fees (management, carry) are incorporated into the NAV calculation.

For more fee details, see [Fees](https://docs.colb.finance/investment-core-tech/fees)

***

### Post-IPO 

#### Redemption Mechanics 

**At a glance**

**Trigger:** The actual sale and distribution of underlying shares, not the IPO date or lockup expiry.

**Value:** Realized sale proceeds at market, not the IPO price.

**Fees on the SPV level:** 20%, plus 5% for final administration costs. Both embedded in NAV. Colb redemption fee: 2.5%, deducted at redemption.

**What holders see:** The NAV is net of SPV-level fees. The 2.5% Colb redemption fee is deducted separately at redemption.

#### What triggers redemption 

The shares backing CREV are subject to a six-month post-IPO lockup. Redemption occurs when the shares are sold and proceeds reach the CREV structure, not simply when the lockup expires.

| Event                             | Triggers redemption?                |
| --------------------------------- | ----------------------------------- |
| IPO                               | No. Starts the six-month lockup.    |
| Lockup expiry                     | No. Shares become sellable.         |
| Sale and distribution of proceeds | Yes. Redemption value crystallizes. |

#### Timeline 

| Period                  | Event                                                  |
| ----------------------- | ------------------------------------------------------ |
| IPO + 6 months          | Lockup expires, shares become sellable                 |
| Post-lockup (estimated) | Proceeds reach CREV structure, NAV reflects net result |

All dates are estimates and may shift with administrative processing.

#### How redemption value is determined 

Redemption value is based on actual realized sale proceeds at market price, not the IPO price or a marked estimate.

#### NAV and oracle behavior 

All SPV-level fees are embedded in NAV. The oracle updates as proceeds arrive.

***

### Get Started

To access CREV, complete onboarding at [app.colb.finance](https://app.colb.finance/)