Bitget Launches SpaceX Pre-IPO Token Partnership with Republic
The cryptocurrency exchange introduces IPO Prime featuring preSPAX, a token from Republic that provides exposure to SpaceX's future IPO performance without offering actual equity in the aerospace company.
The digital asset exchange Bitget has introduced a new platform called IPO Prime, which offers a proxy instrument connected to the pre-initial public offering (IPO) stage of SpaceX, the aerospace manufacturing and space transportation firm owned by Elon Musk.
On Friday, Bitget announced that IPO Prime would kick off with preSPAX, a token issued by Republic that aims to provide everyday investors with financial exposure linked to the post-IPO performance of SpaceX. According to the exchange, this product doesn't provide purchasers with actual ownership of equity in SpaceX, and the aerospace company hasn't endorsed, sanctioned or given authorization for this offering.
This introduction demonstrates the way cryptocurrency platforms are incorporating traditional financial investment instruments onto blockchain infrastructure as they attempt to draw in users by offering continuous access to investment vehicles that have traditionally been more difficult for individual investors to obtain.
The news arrives at a time when Bloomberg has indicated that SpaceX has reportedly submitted confidential paperwork for an IPO, with potential valuation estimates spanning from $1.75 trillion to upwards of $2 trillion, although the aerospace firm hasn't made any public statement confirming this action.
According to Bitget, the product will be accessible in every jurisdiction where the platform maintains regulatory compliance, utilizing a subscription-based framework that allows participants to request allocations via a structured tier system.
The exchange indicated that the subscription period for preSPAX is scheduled to operate from April 18 to April 21, with token distribution occurring on April 21 and over-the-counter trading set to commence on that same day. In a statement to Cointelegraph, Gracy Chen, who serves as Bitget's CEO, explained that users with VIP status would gain earlier access via two special pre-launch airdrop phases before the general public release.
Pre-IPO exposure used to be limited to small circles, but tokenization has changed that, providing access to traditional assets that were typically out of reach. preSPAX is our first offering and we will be bringing more such opportunities to our users this year.
Companies native to the cryptocurrency sector offering comparable pre-IPO products include PreStocks built on Solana, along with Orderbook and Republic. Traditional finance competitors in this space encompass Nasdaq Private Market, Hiive, Forge Global and EquityZen.
Crypto exchanges vie for universal exchange ambitions through TradFi products
The pre-IPO platform is being positioned by Bitget as an innovative "new route" toward traditional financial market opportunities and represents a component of the firm's strategy to become a "universal exchange," aiming to incorporate additional traditional finance assets through tokenized structures.
Several major cryptocurrency trading platforms have similarly introduced access to traditional finance investment instruments as they work to expand their user demographics. Back in January, Bitpanda, the Vienna-headquartered crypto exchange, revealed plans to broaden its product suite to encompass approximately 10,000 stocks and exchange-traded funds (ETFs).
During April 2025, Kraken revealed the introduction of 11,000 US-listed stocks and ETFs featuring commission-free trading capabilities in an initiative to unite "equities and digital assets together" within a single trading platform, representing part of a "phased national rollout."
The Coinbase exchange similarly introduced stock trading capabilities toward the end of 2025 and reimagined its wallet application as an "everything app," marking the initial phase in facilitating around-the-clock trading of stocks and ETFs alongside cryptocurrency assets.
Delphi Digital, a cryptocurrency research company, characterized this trend as the "super app" race, forecasting an "aggregation era" for the digital asset industry, with value transitioning from protocols toward platforms that boast the largest user bases and most diverse trading product offerings.