What is Gate's IPO Access?
Previously, we introduced Gate's stock trading model, and today we see that Gate has also entered the IPO track, opening subscriptions for SpaceX. So what model is Gate using?
In simple terms, it is a trading entry launched by Gate for pre-IPO assets and IPO opportunities. Currently, Gate's related products can be roughly divided into two categories:
One category is IPO Access, where users can submit IPO intention subscriptions using USDT. If they eventually receive an allocation, the corresponding notes will enter the Gate stock account after the IPO is completed, and they can continue to trade in Gate's stock trading functions.
The other category is Pre-IPOs, such as the SPCX related to SpaceX. These products are more structurally linked to the valuation of unlisted companies and future IPO expectations, focusing on price exposure. Gate has also previously launched Pre-IPOs.
Therefore, what Gate is doing this time can be understood as incorporating the high-threshold IPO and Pre-IPO opportunities from traditional finance into the product system of a cryptocurrency exchange.
In the past, ordinary investors wanting to participate in such assets usually needed to go through traditional brokerages, private equity funds, SPVs, family offices, or institutional channels. The thresholds were high, allocation was limited, and liquidity was relatively weak. The path that Gate now provides allows users to participate in subscriptions or trading using USDT, and then complete subsequent holding and exit through their Gate stock accounts or related trading markets.
The most important thing here is to distinguish between the rights sources of the two types of products.
IPO Access is closer to IPO intention subscriptions. After users submit funds, whether they can receive an allocation and how much allocation they receive depends on the actual distribution results. Only after a successful subscription will the assets enter the corresponding account.
Pre-IPOs are closer to price exposure products for pre-IPO assets. Taking SPCX as an example, it tracks the expected listing and valuation changes related to SpaceX, but users are not participating in traditional original share registration, nor do they represent full shareholder rights.
Therefore, Gate's IPO Access and Pre-IPOs cannot simply be viewed as a new stock issuance by traditional brokerages, nor can they simply be seen as stock tokens. More accurately, this is a new type of product formed by the exchange combining IPO opportunities, Pre-IPO assets, and the trading habits of cryptocurrency users.
The current price for SpaceX at Gate is $135, with an additional 5% handling fee, and formal stock trading can begin on the night after the subscription ends on the 12th. This is also one of Gate's "advantages," as there is no need for locking up funds, and it does not require occupying capital, allowing for direct entry into U.S. stock trading.
In the future, products of this type may increase, as cryptocurrency exchanges are no longer satisfied with providing cryptocurrency trading and contract trading, but are continuing to extend into traditional financial markets such as U.S. stocks, U.S. bonds, RWA, funds, and pre-IPO assets.
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