The Breaker: Behind the Launch of Bitget IPO Prime, the Untold Stories of Games and Choices

Author: Gracy Chen, Bitget

Many people ask me why Bitget is going to such great lengths to deal with Pre-IPO assets. Isn't it simpler to just list a few popular cryptocurrencies or US stock tokens?

The answer is simple: since Bitget's goal is Universal Exchange (UEX), we want to include all global assets that our users are interested in trading. Therefore, even though Pre-IPO assets are non-standard and face intense clashes with traditional laws, regulations, and the willingness of the companies involved, we still choose to take on the challenge.

Today, I want to talk about the stories behind the launch of the first project on IPO Prime, the ones that weren't written in the announcement, about the games and choices involved.

Why SpaceX? Because it is the starting point of the "Interstellar Brain"

Earlier this year, Elon Musk made a crazy decision: SpaceX acquired xAI.

The narrative behind this is astonishing—bringing AI and computing power to space to build an "orbital brain."

When we discuss the composition of UEX assets, in addition to cryptocurrencies, RWA, and commodities, this type of Pre-IPO asset that represents the future of humanity is also a key anchor for strengthening the UEX trend. Thus, SpaceX became our only choice for the pilot project.

Finding the "Ferry Man": Two years of fate and last year's "seriousness"

Photo with Andrew at the Republic Crypto New York office

I met Andrew Durgee, Co-CEO of Republic Crypto, two years ago. He is also one of my many "eyes" in the United States. I often consult him about US crypto policies and the lesser-known discussions in the White House. Our company has also been conducting in-depth research on Republic Crypto and their products since September last year. It wasn't until early this year that we decided to formally advance the Pre-IPO collaboration.

Why choose Republic? Because the Pre-IPO market is too chaotic. Many projects promoted by platforms have unclear underlying assets; some do not fully hold the corresponding equity, some have too small quotas, and more issues arise from insufficient licenses, posing high risks.

We ultimately chose Republic because they operate with full licensing: they have a complete chain from "Issuance—Distribution—Trade," possess cross-jurisdictional compliance capabilities, and end-to-end RWA service capabilities. They are one of the few global platforms with compliance qualifications in the US, Europe, and Asia. Their shareholders are also top-tier, including Valor Equity Partners (early investors in Tesla and SpaceX), Morgan Stanley, and Web3 players like Avalanche and Binance Labs (now Yzi labs).

Our collaboration model is very hardcore: we require holding the corresponding Pre-IPO equity (such as SpaceX), usually held by an independent SPV, and Republic will tokenize the SPV's equity. This method avoids the difficulty of directly modifying SpaceX's shareholder register while achieving extreme subdivision of shares.

Republic provides a complete RWA (real-world assets) on-chain solution, including smart contract auditing, KYC/AML integration, and full lifecycle management of tokens.

The Final Sprint: Those Lost Sleepless Nights and the Sincerity of a Total Pool of about 60 Million USD

In the first half of this year, the Pre-IPO market underwent significant changes. After SpaceX acquired xAI (i.e., Grok), market pricing became chaotic, and the transfer of underlying assets was restricted.

We needed to re-verify assets, coordinate equity sellers, persuade Republic's compliance officer, and handle the repeated tug-of-war over contract details among various departments within Bitget, all within a very short time frame.

We insisted on lowering the subscription threshold and secured a share of about 60 million USD in total pool, allowing users to subscribe using USDT, and designed a free airdrop for VIP users (with an airdrop share of 500,000 USD). Because we want Web3 users to be able to share in Musk's starry sea, just like top venture capitalists.

"Accountability" to Users

What we needed most when designing this product was to provide "accountability" to users, to at least do our best to consider their interests:

Price Guarantee: Priced at 650 USD (which corresponds to an asset valuation of 1.5 trillion USD), below the market reference price (the market reference price includes the potential trillion-dollar valuation of SpaceX mentioned in financial news, trading prices over 800 on other private stock trading platforms, similar tokens trading over 700, and predicted market valuations of 1.5 to 2.5 times).

Exit Path: After the subscription ends, users can participate in the platform's P2P over-the-counter trading for liquidity exit, or hold long-term until six months after SpaceX goes public, and then redeem from Bitget at the price at that time.

IPO Cancellation Redemption Mechanism: The agreement signed by users during subscription will clearly outline the redemption process and price details in the event of an IPO cancellation.

Third-Party Risk: Bitget, as the third-party issuer's admin agent, will ensure user rights.

Conclusion: UEX is not a slogan, it is action

The launch of IPO Prime is an important milestone in Bitget's transition from a CEX centralized exchange to a UEX panoramic exchange.

I can't say it's absolutely perfect, but this is the best solution we can offer in the market, one that is accountable to users.

UEX is not a slogan; it is our obsession with financial equality. If you also believe that top assets should not be just a game for 1% of people, please retweet this post to support us in continuing to be the 'wall breaker.'

Project Risk Warning:

Market Risk: SpaceX may be affected by policies or roadshows not being recognized, which could lead to a decline in token prices, and users may incur losses.

IPO Delay or Cancellation Risk: A delay or cancellation of SpaceX's IPO will affect the expected price increase, and users need to redeem according to the subscription agreement.