What is the Pre IPO mode of Bitget? How about compliance? I have written a lot of popular science articles about Pre IPO. After finishing Binance yesterday, many friends left messages asking me to write about Bitget. After reading Bitget's Pre IPO mode, I found that it is more complex. Speaking of the essence, Bitget's Pre IPO project is ultimately a form of SPV mirror (although slightly different), and no investor can directly obtain the stocks or equity related to the investment project, only the price is traded. Bitget's partner is Republic International Cayman（ ）， Similarly, Bitget is only an entry point, not the underlying issuer itself. Holding preSPAX represents the issuer's debt instrument to its holders, not SpaceX's real shares, and does not have shareholder rights such as voting rights or dividend rights. This sentence is actually quite interesting. Although it belongs to the SPV mirror, it is still different from traditional SPV mirrors. Republic's own definition of Mirror Token is actually more inclined towards "debt" rather than "stock". The Mirror Token of Republic is essentially an "unsecured or redeemable note" or "debt security" issued by Republic X LLC. The return formula is anchored to the reference price of a private company's common stock, but investors do not directly hold the company's stock or the beneficial shares of a certain SPV. More importantly, Republic itself has stated that not only are investors not directly buying stocks, but even Republic X is not directly investing in the shares of these private companies. To put it simply, although Republic is selling SpaceX's Pre IPO, what investors are buying is not the real equity of SpaceX, but a debt based note issued by Republic X that is linked to SpaceX's performance. Based on Republic's current public disclosure, at least within this structure, not only investors are not directly buying SpaceX stocks, but even the issuing entity Republic X is not directly investing in SpaceX's shares. More precisely, Republic's Mirror Token does not allow investors to directly hold underlying SPVs or equity in unlisted companies, but rather is a structured debt instrument issued by Republic X, guaranteed and redeemed by the underlying company holding SpaceX assets. What investors truly hold is their debt to Republic X, and the redemption amount is calculated based on the reference company's future liquidity events such as IPOs, mergers and acquisitions, and the reference price formula. This indicates that the Republic system is even more layered than traditional SPV images. The traditional SPV image can at least be described as having a legal entity holding shares below, buying the rights mapped out by this legal entity. However, in Republic's public statement, users receive debt securities issued by RepublicX LLC. Seeing this, I actually feel that this logic is a bit too complicated. In the past, whether it was SPV or SPV mirror, we only bought the corresponding targets through intermediary institutions, such as SpaceX, and then tokenized the purchased notes and sold them. This is a routine process, although there are compliance issues, most people do play it this way, openly claiming to hold SpaceX's underlying notes. Overall, Republic sells' debt based SPV mirrors'. The Republic official website publicly states that registered brokers such as OpenDeal Broker LLC, members of FINRA and SIPC, participate in relevant securities activities. But the Republic's own secondary market terms also clearly state that the Republic's secondary market itself is not a registered national securities exchange, nor is it a regulated trading system in the sense of Rule ATS. So in the business line of selling tokenized Pre IPO securities, Republic does have some compliance infrastructure and license resources, but there are also many restrictions, which is why Republic cooperates with third-party platforms such as Bitget (I heard it is still an exclusive cooperation) ）。 Simply put, investors are still buying a token based on SpaceX price fluctuations. But after all, Republic has also completed pre IPO for well-known companies such as Neuralink, Kraken, Stripe, and Revolut, so the industry's reputation and word-of-mouth will be better. For friends, how to choose still depends on themselves. Essentially, there isn't much difference.