Key Points:
- Bitget IPO Prime introduces SPAX tokens pegged to SpaceX, but with no share ownership
- Investors purchase allotments, and SPAX tokens are transferred to Over-The-Counter platforms for ongoing trading opportunities
- The innovation integrates tokenization in the pre-IPO stage through a regulated trading mechanism
Seychelles-based cryptocurrency exchange Bitget has launched IPO Prime, a new feature that provides users with access to pre-public market exposure through tokenized offerings tied to private companies, beginning with a product linked to SpaceX.
The exchange said the launch establishes a structure that allows users to participate in a company’s economic performance before it enters public markets. This development reflects a defined expansion of the platform’s product scope, adding pre-IPO exposure to a system that already includes digital assets and tokenized representations of traditional financial instruments.
Bitget IPO Prime Debuts With PreSPAX Token Structure
The initial offering under Bitget IPO Prime is preSPAX, a digital asset issued by Republic. The token is structured to mirror SpaceX’s economic performance in the event of a future public listing.
Bitget stated that preSPAX does not grant ownership of SpaceX equity, and the company has not endorsed or approved the product.
Source: Bitget Ipo Prime Launch
Bitget also laid out a clear timeline. The dedication period will run from April 18 to April 21. Token allocation is expected to take place on April 21, from 18:00 UTC to 22:00 UTC. However, before the launch, two airdrop rounds will be conducted for qualifying VIP users.
Subscription Model and Secondary Market Trading Structure
Bitget IPO Prime is a subscription-based service in which subscribers request allocations to tokenized offerings. Allocation limits are set at the account level, and stricter participation limits apply to users at higher VIP levels. The exchange meant that this structure determines levels of access in the early stage of distribution.
Once the subscription process is complete, the distributed digital assets are moved to an over-the-counter trading platform on the platform. This enables trading and pricing of the tokens continuously after distribution.
The structure provides a secondary market for such instruments, unlike conventional private-market investments, which typically remain illiquid until a liquidity event such as a public listing.
According to Gracy Chen, the chief executive officer of Bitget, the feature enables earlier engagement in the trading cycles of company growth and greater trading flexibility. The statement explained that the model offers access to pre-IPO opportunities in a format that encourages continued trading activity.
Bitget IPO Prime and Broader Product Expansion
The introduction of Bitget IPO Prime forms part of a broader expansion of the exchange’s product offering. Bitget reported that it serves approximately 125 million users and provides access to more than 2 million crypto tokens, as well as over 100 tokenized representations of stocks, exchange-traded funds (ETFs), commodities, foreign exchange instruments, and gold.
The exchange described the initiative as part of its “universal exchange” structure, which integrates different asset classes into a single trading environment. It introduces a new category of economic performance associated with early access to the company.
The tokenization model allows asset trading to continue right after issuance; however, this differs greatly from the traditional model, where the private market operates during the early phases of investment and for a long lock-up period.
Activity in the Industry of Tokenized Financial Products.
Other crypto exchanges have also launched similar initiatives to improve access to traditional financial offerings. In January, Vienna-based Bitpanda announced an expansion of its platform to include approximately 10,000 stocks and exchange-traded funds. The move added a large number of traditional financial instruments to its existing crypto offering.
In April 2025, Kraken announced the launch of access to 11,000 U.S.-listed stocks and ETFs, with commission-free trading.
Coinbase has also launched stock trading services towards the end of 2025 and rebranded its wallet application into an “everything app.” The initiative was marketed as a way to enable continuous trading across asset classes, including stocks, ETFs, and cryptocurrencies.
According to Delphi Digital, which is a crypto research company, these are just some of the many developments that characterize the integration of platforms and financial offerings.
Placement of Bitget IPO Prime within Market Structure
Bitget IPO Prime can be considered part of this general trend, being dedicated to pre-IPO exposure via tokenized means. The offering is an extension of the trading platform’s current system, which provides exposure to the financial performance of privately held firms prior to any potential public offerings.
The design of preSPAX emphasizes the contrast between tokenized exposure and equity ownership. The exchange emphasized that the token operates on its own merit and under its own rules, independent of the underlying entity.
