Bitget launches IPO Prime, opens preSPAX subscription

Bitget opened subscriptions at 06:00 UTC on April 18 for preSPAX, the first tokenized instrument on its IPO Prime platform. The subscription window closes at 06:00 UTC on April 21. Token distribution is scheduled between 06:00 and 10:00 UTC on April 21, and spot trading will begin at 12:00 UTC that day on Bitget.

IPO Prime issues tokenized instruments designed to track the economic performance of an underlying company after it lists. The tokens do not represent direct equity or ownership in the underlying company. The preSPAX token is linked to SpaceX and is being issued through Republic, which Bitget says provides a compliance layer for the product.

During the subscription window, participants commit stablecoins. Allocations are calculated proportionally based on total demand, so each user’s share depends on the size of their commitment relative to the full subscription pool. After distribution, preSPAX will be available for spot trading on Bitget, allowing users to buy or sell on an open market.

The platform will let buyers and sellers set prices for preSPAX before any public listing event. Traditional pre-IPO investments are often locked until a listing; preSPAX will trade on a spot market after allocation, enabling immediate market activity.

Gracy Chen, Bitget’s CEO, commented: “Early access has always been limited. Giving users the ability to act and adjust in real time changes how these opportunities are approached.”

Bitget describes IPO Prime as part of its Universal Exchange model, adding pre-IPO tokenized instruments alongside other asset classes on the same trading platform. The company says the platform is intended to let users manage positions across early-stage exposure and liquid markets from a single account and interface.

Republic is handling issuance for preSPAX. The subscription-and-spot sequence for the offering is set to provide a transparent allocation process followed by immediate market access on Bitget once distribution is complete.