New Pre‑IPO Products on Bybit
Bybit, the Dubai‑based cryptocurrency exchange, has added two new perpetual contracts that give traders exposure to companies before they go public. The contracts are denominated in USDT and settle in the same stablecoin, allowing participants to speculate on price movements without owning the underlying shares.
Details of Unitree and Moonshot AI Contracts
The first contract is linked to Unitree, a Chinese robotics manufacturer that received approval in July from China’s securities regulator to list on Shanghai’s STAR Market. By offering a pre‑IPO perpetual, Bybit enables traders to gain exposure to Unitree’s valuation trajectory ahead of its official share trading.
The second contract is tied to Moonshot AI, an artificial‑intelligence startup. Like the Unitree product, it is USDT‑settled and provides a derivative route for market participants interested in the company’s future performance.
Bybit’s TradFi perpetuals catalogue now boasts more than 200 distinct instruments, covering equities, ETFs, commodities, indices and pre‑IPO entities. The platform launched its TradFi line in April and has since expanded its offerings to encompass a broad array of financial assets.
Broader Trend in Crypto‑Based Private‑Market Derivatives
Bybit’s move is part of a wider shift among cryptocurrency exchanges toward private‑market products. Leading venues such as Binance, Coinbase, and Kraken have already introduced contracts linked to SpaceX ahead of the company’s June listing, allowing traders to access pre‑IPO exposure via crypto‑native derivatives.
This trend coincides with growing interest in on‑chain equities. According to RWA.xyz, tokenized stocks have accumulated $2.38 billion in distributed value and are held by 1.31 million investors—a 123.62 % increase over the preceding month.
Implications for Traders
While pre‑IPO perpetuals offer a convenient way to speculate on emerging companies, traders should remain mindful of the risks involved. These contracts do not confer any ownership rights, and liquidity can be limited compared to traditional equity markets. Additionally, the absence of a physical shareholding means that participants are exposed solely to price movements, which can be volatile in the lead‑up to a company’s public debut.
Market Context
The launch of Unitree and Moonshot AI perpetuals underscores the accelerating convergence between traditional finance and the cryptocurrency ecosystem. As more exchanges broaden their TradFi product suites, retail and institutional traders alike will need to navigate the unique regulatory and market dynamics that accompany private‑market derivatives.
This article is part of the Broker section and aims to inform traders about the latest developments in private‑market derivatives and the associated risks.