The real price freezes.
After-hours trading ends. Until 9:30 tomorrow morning, the stock's real price barely moves. The token keeps trading.
Buyers push the token +3.9% above it.
Nobody can mint new tokens to meet the demand, so the on-chain price climbs over the real one. That gap is the premium.
The night shift sells a slice.
Above +3%, the strategy sells part of the shares into the premium, in small steps, never below +1.5% over the real price.
Opening bell. The price snaps back.
Market makers mint fresh tokens and the premium collapses. The shares are bought back, near the real price.
Same stocks. A few more of them.
The gap between the sale and the buyback stays as extra shares. Some nights there is no premium at all, and the desk simply waits.