As I stated before, this is where the sponsor's start making this sub penny real.
It gets even smarter. Zhang could offer the other 50% Xnergy owner equity in Gaia instead of cash fees, “take 1 to 2% of Gaia rather than $500K per deal.” If Gaia scales to a $500M to $2.5B valuation, that equity is worth far more than one-time banking revenue. This creates a flywheel effect: Xnergy provides services at cost > Gaia offers the lowest fees in the market > more sponsors choose Gaia > more assets get tokenized > Gaia’s valuation rises > Xnergy’s stake becomes exponentially more valuable > and suddenly, other tokenization platforms start using Gaia’s infrastructure because they can’t compete on cost. Gaia becomes the “picks and shovels” provider for the entire tokenized real estate industry.
There is strong possibility that the reason behind Blackrock is what you laid out. However, I'm still trying to understand why the other sponsors are here, given they could set up their Tokenizing platform that would support what you have laid out. Given my limited knowledge, why wouldn't companies like those listed simply set up their own platforms?
Aside from the obvious answer, costs and time, there is a strong chance that GRLT could see a buyout given the way I've seen these plays under past history. However, using your numbers, it would have to be one hell of a number, assuming John/GRLT pulls this off.