Seeing a lot of people discussing the inconsistent preSPAX prices across platforms today. Personally, I think it’s not very meaningful to talk about prices at this stage Before the prospectus is made public, the total share count is still uncertain. Let me just share Bitget’s perspective on preSPAX from the angles of product structure, valuation (buyer-friendly), and holding costs: 1. **Product essence**: preSPAX is an RWA spot asset backed by real equity, issued by the compliant institution Republic, and supported by underlying physical assets. The current price corresponds to SpaceX’s real valuation of $1.68 trillion. After the IPO lock-up period ends, it can be exchanged 1:1 for SpaceX stock tokens. It’s a legitimate and reliable value price discovery mechanism. 2. **Different valuation levels**: preSPAX corresponds to SpaceX’s valuation of $1.68 trillion. Other platforms may use contract prices, which correspond to different valuations. After rebase, they will eventually converge with ours. If you want to compare, compare based on valuation, not just price. 3. **Different costs**: preSPAX is a spot asset, so users don’t need to bear holding costs. Some competitors acquire SpaceX through contract methods, which involve holding costs due to funding rates and other factors. For reference only. Looking forward to Bitget’s 2nd IPO Prime returning with brand-new rules