Blockchain.com introduces perpetual trading for SpaceX as pre-IPO markets surge
The crypto platform has enhanced its over-the-counter derivatives offering with continuous trading capabilities and a perpetual contract linked to SpaceX, timing the launch with the aerospace firm's upcoming public debut.
Through its over-the-counter desk, Blockchain.com has introduced perpetual trading available 24 hours a day, seven days a week, designed specifically for institutional investors. The new offering provides continuous access to stocks, equity indices, commodities, foreign exchange markets, and companies preparing for initial public offerings.
Among the initial products is a perpetual contract linked to SpaceX, enabling qualified investors to establish positions connected to the aerospace manufacturer's forthcoming stock market debut. The company has confirmed that the contract is currently available for trading through its over-the-counter desk.
According to Blockchain.com, the new offering targets institutional market participants looking for uninterrupted market access beyond conventional trading hours. The platform enables clients to hedge their positions or make adjustments across various asset categories, with functionality extending to weekends when traditional financial markets remain inactive.
The company highlighted several practical applications, including options desks requiring exposure management capabilities, macro-focused investment funds operating across different asset types, and investors wanting to gain exposure to companies preparing for public market debuts.
This development comes after Blockchain.com introduced perpetual futures trading capabilities through its self-custody wallet solution in April. During that launch, the organization announced its intentions to broaden its product range beyond cryptocurrency markets to encompass stocks, commodities, and foreign exchange instruments.
Blockchain.com submitted confidential documentation to the US Securities and Exchange Commission in May regarding its own planned initial public offering.
Pre-IPO trading emerges as a new crypto battleground
In April, Bloomberg published a report stating that SpaceX had submitted confidential IPO filing documents and was evaluating a potential valuation exceeding $1.75 trillion, which could position it among the most significant public offerings in the history of United States capital markets. The mounting excitement surrounding the company's projected June 12 stock market launch has subsequently triggered an influx of pre-IPO financial products from cryptocurrency trading platforms.
During the previous month, Binance rolled out pre-IPO perpetual futures contracts connected to privately held companies, launching initially with a SpaceX-linked instrument that settles in USDT. These derivative products enable market participants to place bets on a company's projected valuation both before and following an IPO without acquiring actual ownership of the shares.
In an announcement made last week, cryptocurrency exchange Kraken revealed that SpaceX would serve as the inaugural company available through its xStocks IPO Access platform, providing eligible participants across more than 110 markets the opportunity to invest via tokenized shares that maintain a 1:1 backing with the actual underlying stock. After issuance, these digital tokens become tradable continuously on Kraken along with other platforms that support xStocks.
Within days, Bybit made its own announcement, signaling that it would similarly provide access via xStocks, representing the initial IPO offering made available through the platform's newly established tokenized equity initiative.
Coinbase has additionally introduced pre-IPO trading venues for its international user base via a perpetual futures contract tied to SpaceX's projected private-market valuation. This USDC-settled financial instrument is structured to transition into a post-IPO contract should the company successfully commence trading on public stock exchanges.