Bybit is getting into US stock IPOs

, and the first product is—SpaceX IPO. Lately, I’ve seen quite a bit of discussion about SpaceX’s Pre-IPO, but I’ve noticed something interesting: A lot of crypto users spend ages researching SpaceX but don’t even figure out what they’re actually buying. ⚠️ OpenAI and Anthropic already gave the market a lesson not long ago. Some SPV-model Pre-IPO products were outright rejected, causing related tokens to drop 40% in a single day. ✅ That’s when many people realized for the first time: Pre-IPO products can vary *a lot*. So now, when I look at these kinds of products, the first thing I check isn’t whether the target is SpaceX. Instead, I ask: Am I buying an SPV-mapped asset, or actual shares? These are two completely different logics. What I think is most worth paying attention to isn’t Bybit’s IPO minimum of 100 USDC, but the structure behind it. Based on the disclosed information: The issuer of xStocks must hold the corresponding shares 1:1, with the real shares being custodied by a regulated institution. This is essentially closer to the logic of traditional brokerage IPO allocations, rather than just issuing a SpaceX concept token. You can check out Bybit’s prospectus to see if this holds up: SpaceX IPO Express page: https://(bybit.com)/en/trade/spot/ipo/?affiliate_id=90898 ✅ Summary: I think in the future, when people discuss IPOs, it might be like how we talk about stablecoins now. On the surface, they all look like the same thing, but the underlying assets are completely different. And often, these differences only get noticed after something goes wrong.