What type of tokenized IPO is Bybit? Recently, there has been a heated discussion about tokenized IPOs. I have previously popularized the relationship between SPVs and SPV mirrors to my friends, and also talked about the differences between the two. Currently, SPV mirrors are more risky, but if it is stated that they only track price exposure, then it is definitely not a problem. But if it can be delivered, then one must be careful. Currently, I know that there are almost no SPV mirrors that can be delivered. Not only are there no SPV mirrors, but there are also very few SPVs that can be delivered. Many people believe that they have bought the original shares of companies such as OpenAI, SpaceX, Anthropic, and Stripe, and once the company goes public, their "equity" will automatically become listed stocks. This understanding is most likely incorrect. A true SPV is usually a special purpose vehicle. Simply put, it means that an entity first holds shares of an unlisted company, transfers employee shares, fund shares, or some related rights, and then sells the shares of this SPV to investors. Users often purchase SPV shares, not shares directly registered in the company's shareholder register. So even for true SPVs, there is a layer of separation between users and underlying companies. The purchaser is not a shareholder of the company, but an investor in the SPV. If you encounter a kind-hearted person making money, they may settle it for you at the real price and charge a handling fee. If you encounter a malicious person, they may not have anything. So back to Bybit, this time the tokenized IPO, SPV, and SPV image on Bybit are different. Bybit uses the IPO Express or tokenized IPO access structure provided by xStocks. Bybit uses the xStocks framework to convert the stock price exposure after IPO subscription into on chain tokens. What users participate in on Bybit is not the transfer of unlisted company stocks or the purchase of shares in a private company's SPV, but rather a price claim based on IPO issuance price subscription and tokenized stock exposure. In terms of compliance, xStocks pledges the corresponding publicly listed stocks or ETFs as 1:1 collateral, with the underlying assets held by regulated custodians, and then issues corresponding on chain tokens. However, it should be noted that although xStocks has underlying assets as collateral, it does not grant users voting or dividend rights to shareholders of the underlying company. Holders do not have direct legal or beneficial ownership of the underlying issuer's stocks, nor can they claim rights from the underlying company. They only provide tokenized exposure to the underlying reference asset's economic performance. Compared to SPV and SPV mirroring, the advantage of Bybit architecture is that the links are clearer. Traditional SPVs depend on whether the manager has real holdings, whether the underlying assets can be transferred, and whether they can exit in the future. SPV mirrors often lean more towards price mapping, and the relationship between underlying assets and users is further. Bybit's xStocks structure this time at least puts the underlying stocks, custodians, issuers, on chain tokens, and secondary market transactions into a clear compliance framework. Compared to traditional IPOs, tokenization does have lower entry barriers. I think this time Bybit can participate with VIP1 and 100 USDC. It is evident from recent times that the value of compliance in cryptocurrency exchanges has been increasing.