AMA Highlights: Dialogue with Yin × Ken, a comprehensive breakdown of preOPAI

In this Space co-hosted by Bitget Chinese and @OdailyChina, we invited Bitget's Chinese head, Xie Jiayin, and the head of Bitget Spot/IPO Prime products, Ken, to provide an in-depth introduction to the core topics surrounding the launch of Bitget IPO Prime Phase II preOPAI, including its original intention, core advantages, new lock-up rules, and asset compliance.

With the continued popularity of traditional finance (especially US stocks) this year, the demand from cryptocurrency market investors for high-quality US stock assets is increasing. How to allow ordinary users to safely and easily participate in investments in unicorn companies has become the focus.

The following is a summary of the core content from this Space:

(Disclaimer: This article is a summary of the content from this Space discussion and does not constitute any form of investment advice. The final rules are subject to official announcements.)

Why does Bitget insist on doing IPO Prime despite the considerable controversy surrounding the first phase?

The core intention is to break down the barriers of traditional finance and turn asset privileges into rights that everyone can enjoy.

Compared to traditional primary and secondary markets, the core pain points addressed by this product are:

• Extremely low threshold: Traditional participation in Pre-IPO usually requires capital verification at the million-dollar level, while the current platform allows ordinary users to participate in new investments.
• Significantly reduced costs: It eliminates the high management fees and profit-sharing (Carry interest) of up to 20% charged by traditional investment banks or financial channels.
• Better liquidity: Traditional channels often require lock-up for one to two years or even longer, while the spot trading model provides better exit liquidity.

What are the core advantages of Bitget's preOPAI compared to other competitors?

Compared to similar products on the market, the biggest advantage of this phase's target is the real equity support and a more cost-effective price.

This is mainly reflected in:

• Lower valuation pricing: Tokens are priced based on real financing valuations (implied value of approximately $898.2 billion), significantly lower than the estimated pricing of other competing platforms (approximately $1.18 trillion to $1.47 trillion).
• Highly compliant assets: The platform exclusively collaborates with the compliant institution Republic, regulated by the US SEC, making it the only token asset on the network backed by real equity of the target company.
• Strong platform backing: In extreme cases (such as partner bankruptcy), Bitget can also compensate users for the underlying real equity rights through liquidation procedures based on its own strength.
  Low holding costs: Compared to contract products, which incur funding rate friction for long-term holdings, spot assets are more suitable for medium to long-term holders.

Why was OpenAI chosen as the target for the second phase?

The investment research team's assessment believes that OpenAI possesses extremely high growth potential and top-tier capital recognition.

Specific reasons include:

• Explosive business growth: Over the past three years, OpenAI's valuation has experienced hundreds to thousands of times rapid growth.
• Strong capital and audience base: Historical financing has been almost fully subscribed by top institutions such as SoftBank, Microsoft, and NVIDIA, and the product achieved over 100 million monthly active users in just two months, with its current scale reaching the billion level.

What is the core purpose of the newly added "lock-up/unlock mechanism"?

To filter out short-term speculation, match IPO investment logic, and protect the interests of medium to long-term investors.

The review of the first phase product has brought about optimization in the rules:

Rule details:

• Fundraising phase: From Tuesday, May 12, at 4:00 PM to Friday, May 15, at 4:00 PM.
• Token issuance: Will be completed before 8:00 PM on Friday.
• Trading begins: Spot market trading will officially start at 10:00 PM on Friday.
• Unlocking: The fundraising amount will be unlocked in three batches over three months (30%, 30%, 40%).
• Correcting investment expectations: US stock IPOs differ from traditional cryptocurrency IEOs (which surge immediately upon opening); they are more suitable as medium to long-term asset allocations.
• Protecting the rights of medium to long-term investors: To avoid tokens deviating from the true value of the underlying assets due to short-term emotional impacts after fundraising, a reasonable unlocking pace is beneficial for guiding the market to gradually form a more effective pricing mechanism.
• User stratification: Short-term traders who do not accept lock-ups can directly purchase through the secondary spot market after the opening, leaving fundraising opportunities for value investors.

Summary

Through this discussion, we can form several clear judgments about this phase of preOPAI new investments:

• Breaking barriers is a long-term trend: Helping ordinary cryptocurrency users enter early investments in US unicorns with an extremely low threshold is an innovative measure with real pain point-solving value.
• Compliance and authenticity are the bottom line: This phase's target has real underlying equity support, providing higher security compared to purely contract-based quotes or unendorsed certificates.
• Rules lean towards "value investment": The newly added lock-up mechanism clearly expresses the platform's intention to retain medium to long-term investors, and users need to manage their expectations regarding sudden wealth effects reasonably.
• Whether it is the optimization of product rules or the deep binding with compliant platforms, a clear signal is released: The combination of traditional assets and cryptocurrency channels is moving away from the early rough model and gradually evolving towards formalization and sustainability.