The Wall-Breakers: The Untold Stories of Strategy and Decision-Making Behind Bitget’s IPO Prime Launch
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The Wall-Breakers: The Untold Stories of Strategy and Decision-Making Behind Bitget’s IPO Prime Launch
The Untold Stories of Strategy and Decision-Making Behind IPO Prime’s First Project Launch
Navigating Web3 tides with focused insightsMany people ask me: Why does Bitget go to such great lengths to launch Pre-IPO assets? Wouldn’t it be simpler to just list a few popular cryptocurrencies or U.S. equity tokens?
The answer is straightforward: Since Bitget’s goal is to become a Universal Exchange (UEX), we aim to offer *all* global assets that our users worldwide are genuinely interested in trading. So even though Pre-IPO assets are non-standard and involve intense friction—across traditional legal frameworks, regulatory requirements, and the target companies’ own willingness—we choose to tackle these challenges head-on.
Today, I’d like to share the untold stories behind the launch of IPO Prime’s inaugural project—the stories of negotiation and decision-making that never made it into the official announcement.
Why SpaceX? Because It’s the Origin of the “Interstellar Brain”
Earlier this year, Elon Musk made a bold move: SpaceX acquired xAI.
The narrative behind this deal is staggering—bringing AI and computing power into space to build an “orbital brain.”
When designing the asset composition of UEX, beyond crypto tokens, RWAs, and commodities, Pre-IPO assets representing humanity’s future also serve as critical anchors reinforcing UEX’s strategic direction. Thus, SpaceX became our sole and natural first pilot.
Finding the “Ferryman”: A Two-Year Connection and Last Year’s Rigorous Due Diligence
Photo with Andrew at Republic Crypto’s New York office
I met Andrew Durgee, Co-CEO of Republic Crypto, two years ago—he’s one of my key “eyes and ears” in the U.S. I often consult him on U.S. crypto policy and behind-the-scenes discussions inside the White House. At the corporate level, we began an in-depth review of Republic Crypto and its products last September. It wasn’t until early this year that we formally decided to advance our Pre-IPO collaboration.
Why Republic? Because the Pre-IPO market is highly fragmented and opaque. Many platforms list projects whose underlying assets lack transparency: some don’t hold full corresponding equity; others offer minuscule allocations; and most critically, many operate without adequate licenses—posing extremely high risks.
We ultimately selected Republic because it operates under full regulatory licensing, covering the entire value chain—from asset issuance (Issuance) to distribution (Distribution) to trading (Trade). It possesses cross-jurisdictional compliance capabilities and end-to-end RWA servicing capacity—and is among the rare global platforms holding compliant licenses across the U.S., Europe, and Asia. Its shareholders include top-tier institutions: Valor Equity Partners (an early investor in both Tesla and SpaceX), Morgan Stanley, and Web3-native entities such as Avalanche and Binance Labs (now Yzi Labs).
Our partnership model is rigorous: We require direct ownership of the corresponding Pre-IPO equity (e.g., SpaceX shares), typically held via an independent SPV, with Republic tokenizing the SPV’s rights. This approach avoids the complexity of amending SpaceX’s shareholder register while enabling ultra-fine fractionalization of ownership.
Republic delivers a complete RWA (Real World Asset) onchain solution—including smart contract audits, KYC/AML integration, and full lifecycle token management.
The Final Sprint: Sleepless Nights and a $60M Commitment Pool
In the first half of this year, the Pre-IPO market underwent massive volatility. Following SpaceX’s acquisition of xAI (i.e., Grok), market pricing instantly became chaotic, and transfers of underlying assets were restricted.
We had to rapidly re-verify assets, coordinate with equity sellers, persuade Republic’s compliance officers—and simultaneously manage internal back-and-forth negotiations across Bitget’s product, legal, and other departments over contractual details.
We insisted on lowering the subscription threshold and secured a total commitment pool of approximately $60 million. Users can subscribe using USDT—and we’ve even designed a complimentary airdrop for VIP users (valued at $500,000). Our aim is to let Web3 users share in Elon Musk’s cosmic vision—just like top-tier VCs do.
Providing Clarity to Users
When designing this product, our top priority was to provide clear, transparent accountability to users—to do everything possible in their best interest:
- Price Assurance: Priced at $650 per unit (implying a $1.5 trillion valuation for the underlying asset), below market reference benchmarks—including financial media reports citing SpaceX’s potential $1 trillion+ valuation, trading prices above $800 on private secondary stock platforms, similar token prices above $700, and prediction markets forecasting valuations 1.5–2.5x higher.
- Exit Pathways: After subscription closes, users may access liquidity through Bitget’s P2P over-the-counter trading venue—or hold long-term until SpaceX goes public, then redeem their tokens at Bitget at the prevailing market price six months post-IPO.
- IPO Cancellation Redemption Mechanism: The subscription agreement explicitly outlines the redemption process and pricing terms should the IPO be canceled.
- Third-Party Risk Mitigation: As the third-party issuer’s admin agent, Bitget safeguards user rights.
Conclusion: UEX Is Not a Slogan—It’s Action
The launch of IPO Prime marks a pivotal milestone in Bitget’s evolution—from a centralized exchange (CEX) to a universal, full-spectrum exchange (UEX).
We won’t claim perfection—but this is the best, most user-accountable solution we could deliver in today’s market.
UEX isn’t a slogan. It’s our unwavering commitment to financial inclusion. If you believe elite assets shouldn’t be reserved for the top 1%, please share this post—and support us as the “wall-breaker.” 🚀
Risk Disclosure:
- Market Risk: Regulatory developments or unconvincing investor roadshows may depress token prices, resulting in losses.
- IPO Delay or Cancellation Risk: Delays or cancellation of SpaceX’s IPO will impact upside expectations; redemptions will follow terms stipulated in the subscription agreement.
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