1 Corinthians 11:25

In like manner also the cup, after supper, saying, This cup is the new covenant in my blood: this do, as often as ye drink it, in remembrance of me.

'In like manner' -in the same way, i.e. the Lord also gave thanks before the cup. (Mark 14:23)

'after supper' -i.e. after the Passover Supper. (Luke 22:20)

'this cup' -not the container, but what was in the cup. For one "drinks" the contents, not the actual cup.

'is the new covenant in my blood' -

Points to Note:

1. Therefore, the new covenant was not established until Jesus shed His blood, i.e. gave His life. (Hebrews 9:15)

2. Which also means that the First Covenant has been removed. (Hebrews 8:6; Hebrews 9:1)

3.. covenant that would offer forgiveness of sins. (Matthew 26:28; Jeremiah 2:31) And seeing that forgiveness was offered on the day of Pentecost (Acts 2:38), therefore we know that the NT was in force. And salvation for all that live this side of the cross, is conditioned upon faith, repentance, confession and baptism. (Acts 2:38; Acts 8:35; Mark 16:16)

'this do' -note: All Christians partook of both elements, the cup wasn't withheld from any Christian in the first century. We are commanded to partake of the cup, just as much as we are commanded to partake of the bread.

'as often as ye drink it' -again, indicating frequency.