SWB
Definitive (DA signed)Pre-revenueFinancials · international banking and financial services · New York, United States · founded 2025
- What it is
- Pre-operational holding company. Intended model: issue a stablecoin, operate a licensed international bank offering a 'free AI bank' denominated in that stablecoin, and tokenize a contributed portfolio of real-world assets (land, mineral rights, mines) for yield to depositors. No revenue-generating activity today.
- What it’s doing now
- Merging with Soulpower Acquisition Corp. (SOUL) — definitive (da signed), announced Nov 24, 2025.
- What you should know
- It reports no meaningful revenue yet — this deal is priced on a story, not on financials. The real share count puts the effective valuation 5% above the announced $8.1B.
The business, per its filings
SEC primarySWB LLC is a NEWLY FORMED Cayman Islands company with NO OPERATING BUSINESS and NO REVENUE. It was created by The Lafazan Brothers LLC solely to launch a prospective bank called SOUL WORLD BANK. Its ~$8.1bn pre-money value is not an operating valuation: it is the self-assessed value of assets SWB has signed BINDING BUT UNCONSUMMATED contribution agreements for, all of which close only immediately prior to the de-SPAC. Those assets are (i) a BVI banking licence and related assets being bought out of LIQUIDATION from Bank of Asia (BVI) Limited, still contingent on a BVI FSC licence that has only been APPLIED for; (ii) a collaboration agreement with Animoca Brands to develop a cross-border stablecoin; and (iii) a grab-bag of illiquid real-world assets contributed by investors in exchange for shares - 23 US land/infrastructure parcels in the Carolinas, 5 slate mines near Meschede Germany, ~3,000 acres of Louisiana oil & gas mineral rights, 40,000+ hectares of undeveloped land in Baja Mexico, an 846-hectare gold mine site in Gauteng South Africa, and a 1,062-acre former Pegasus Gold gold/silver property in Montana. The press release states the asset values are 'valued by SWB' - i.e. by the counterparty itself - and that 'All operational milestones and financial offerings will occur following the Closing'. THIS IS A PRE-REVENUE, PRE-LICENCE, PRE-OPERATIONAL SHELL. Notably the SPAC's own CEO, Justin Lafazan, is also the founder and managing member of SWB and will control the only voting share class of the pubco (Class V) post-closing; public shareholders receive NON-VOTING Class A shares.
Source: 425, accession 0001493152-26-035496 · as of Nov 24, 2025 · extraction confidence: high
What the company says about itself
Web research — not auditedNo company website is identified in any SEC filing for SWB LLC / SOUL WORLD BANK, so no web capture was performed. Reporting null rather than guessing a domain.
Source: company web presence · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
SWB is merging with Soulpower Acquisition Corp. (SOUL), a $250M SPAC currently marked Deal announced and trading at $10.46 against $10.49 in trust per share.
| Headline equity value | $8.1B |
| Effective valuation (all shares) | $8.5B+5% vs headline |
| Sponsor promote | 25% |
| PIPE | ≈ $100M · unsourcedNOT COMMITTED — obligation to seek PIPE Financing Agreements for at least $100M; no subscription agreements signed and no PIPE investors named. Separately an ELOC with CREO Investments LLC for a $250 |
Structure per SEC accession(s) 0001493152-25-025622, 0001641172-25-003422, 0001493152-25-024738, 0001493152-26-037395. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
SWB LLC has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $8.53bn.
The company reports no meaningful sales yet, so there is nothing to divide the price by.
Post-dilution equity (net debt unknown).
No meaningful revenue in the most recent reported period.
Not computable — the filings show no meaningful revenue for the most recent reported period.
$1 of their sales costs $0.25 on the open market. Median of 3 listed companies we judged a true comparable, which individually run from 0.15× to 5.67×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $8.53bn, not the announced $8.1bn — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- SBMT, IE, CTGO, USAS, HYMC, NEM, SSMR, MUX, AUGO, CDE, BGL, OMEX have no revenue to divide by, so they are shown but left out of the peer median.
- COIN, TPL shown for context only — not close enough to move the median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| CRCL | Circle Internet Group, Inc. | $19.5B | 5.7x | 72.0x | Circle Internet Group is the closest listed analogue to SWB's stated core business - a regulated stablecoin issuer earning yield on reserve assets - which is exactly what SOUL WORLD BANK says it intends to become.more ▾less ▴ |
| SBMT | Silver Bow Mining Corp | — | — | — | Operational comp: Specialty Mining & Metals (NEC); shares silver, mineral, montana, gold, acres, called with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| GLXY | Galaxy Digital Inc. | $12.8B | 0.1x | 0.1x | Galaxy Digital is a diversified digital-asset financial services conglomerate combining trading, asset management and infrastructure - the multi-line 'new economy financial services conglomerate' model SWB describes.more ▾less ▴ |
| IE | Ivanhoe Electric Inc. | $2.3B | — | — | Operational comp: Diversified Mining; mid-cap ($2.3bn); shares gold, mineral, mines, montana, silver, land with the target's own description; forward EV/Sales 432.1x.more ▾less ▴ |
| BKKT | Bakkt, Inc. | $331M | 0.3x | — | Bakkt is the cautionary de-SPAC precedent: a digital-asset infrastructure company that listed via SPAC on a large headline valuation with minimal underlying earnings, structurally the nearest comparable to SWB's story-to-substance ratio.more ▾less ▴ |
| CTGO | Contango Silver & Gold Inc | $395M | — | — | Operational comp: Gold Mining; small-cap ($395m); shares gold, acres, mineral, rights, silver, land with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| USAS | Americas Gold and Silver Corporation | $1.4B | — | — | Operational comp: Diversified Mining; small-cap ($1.4bn); shares mine, silver, hectares, gold, acres, mexico with the target's own description; forward EV/Sales 6.1x.more ▾less ▴ |
| HYMC | Hycroft Mining Holding Corp | $1.9B | — | — | Operational comp: Diversified Mining; small-cap ($1.9bn); shares gold, silver, mine, acres, mineral, site with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| NEM | Newmont Corporation | $109.0B | — | — | Operational comp: Gold Mining; mega-cap ($109.0bn); shares hectares, acres, gold, mineral, silver, assets with the target's own description; forward EV/Sales 4.5x.more ▾less ▴ |
| SSMR | Sunshine Silver Mining & Refining Co | — | — | — | Operational comp: Diversified Mining; shares hectares, silver, mine, mines, land, operating with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| MUX | McEwen Inc | $1.0B | — | — | Operational comp: Diversified Mining; small-cap ($1.0bn); shares gold, mine, silver, near, mexico, mineral with the target's own description; forward EV/Sales 4.6x.more ▾less ▴ |
| AUGO | Aura Minerals Inc | $4.2B | — | — | Operational comp: Gold Mining; mid-cap ($4.2bn); shares gold, mine, mines, silver, mexico, assets with the target's own description; forward EV/Sales 4.2x.more ▾less ▴ |
| CDE | Coeur Mining, Inc. | $11.4B | — | — | Operational comp: Gold Mining; large-cap ($11.4bn); shares gold, mine, silver, mexico, south, from with the target's own description; forward EV/Sales 3.8x.more ▾less ▴ |
| BGL | Blue Gold Ltd | $67M | — | — | Operational comp: Gold Mining; micro-cap ($67m); shares gold, mine, assets, site, limited, property with the target's own description; forward EV/Sales 1.3x.more ▾less ▴ |
| OMEX | Odyssey Marine Exploration Inc | $109M | — | — | Operational comp: Specialty Mining & Metals (NEC); micro-cap ($109m); shares gold, baja, prospective, mexico, mineral, rights with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| COINcontext only | Coinbase Global, Inc. | $39.2B | 6.4x | 55.0x | Coinbase is the reference listed crypto-financial-institution but operates at vastly greater scale with billions in actual revenue; included as a valuation anchor only, not a like-for-like peer.more ▾less ▴ |
| TPLcontext only | Texas Pacific Land Corporation | $23.9B | 26.4x | 32.0x | Texas Pacific Land is the closest listed pure land-and-mineral-rights holding vehicle, relevant to the ~$6.75bn of contributed land/mineral assets, but TPL generates substantial real royalty revenue whereas SWB's assets are undeveloped and non-producing.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is SWB going public?
SWB has a signed merger with the SPAC Soulpower Acquisition Corp. (SOUL), announced Nov 24, 2025. Deal status: Definitive (DA signed).
What is SWB's SPAC deal valuation?
The announced headline equity value is $8.1B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $8.5B, 5% above the headline.
Was SWB bought at an expensive or a cheap valuation?
SWB LLC has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $8.53bn.
Does SWB have revenue?
No meaningful reported revenue in its most recent filed period — the deal is priced on a story and projections, not on financial results. Treat every valuation multiple accordingly.
Educational content, not investment advice.
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