In this Space jointly organized by Bitget Chinese and @OdailyChina, we invited Bitget's Chinese head Xie Jiayin and Bitget Spot/IPO Prime product head Ken to provide an in-depth introduction to the original intention of launching Bitget IPO prime Phase Two preOPAI, its core advantages, new lock-up rules, and asset compliance.

With this year's continuous heat in traditional finance (especially U.S. stocks), the demand from crypto market investors for quality U.S. stock assets is increasing. How to allow ordinary users to participate safely and with low thresholds in investment in unicorn companies has become the focus.

The following is a summary of the core content from this Space:

(Disclaimer: This article summarizes the content of this Space exchange and does not constitute any form of investment advice; the final rules are subject to the official announcement.)

Why does Bitget insist on being IPO Prime amidst significant controversy in the first phase?

The core intention is to break the barriers of traditional finance, turning asset privileges into rights that everyone can enjoy.

Compared with traditional primary and secondary markets, the core pain points solved by this product are:

• Extremely low threshold: Traditional participation in Pre-IPO typically requires capital verification at the million-dollar level, while the current platform allows ordinary users to participate in new issuances.
• Significantly reduced costs: Eliminates the high management fees and profit sharing (Carry interest) of traditional investment banks or wealth management channels.
• Better liquidity: Traditional channels often require lock-up for one or two years or even longer, while the spot trading model provides better exit liquidity.

What are the core advantages of the preOPAI launched by Bitget compared to other competitors?

Compared to similar products on the market, the biggest advantage of this phase's asset is the real equity support and more cost-effective pricing.

This is mainly reflected in:

• Lower valuation pricing: Tokens are priced based on real financing valuations (implied value of about $898.2 billion), significantly lower than the estimated pricing of other competing platforms (approximately $1.18 trillion to $1.47 trillion).
• Highly compliant assets: The platform exclusively collaborates with the compliant institution Republic, regulated by the U.S. SEC, making it the only token asset on the internet supported by real equity in the target company.
• Strong platform backing: In extreme situations (e.g., partner bankruptcy), Bitget could compensate users for the real equity rights behind it through liquidation procedures.
• Low holding costs: Compared to long-term positions in contract products that generate capital fee friction, spot assets are more suitable for medium to long-term holders.

Why was OpenAI chosen as the target for the second phase?

The investment research team assesses that OpenAI has extremely high growth potential and top-tier capital recognition.

The specific reasons include:

• Explosive business growth: In the past three years, OpenAI’s valuation has shown hundreds to thousands of times of rapid growth.
• Strong capital and audience base: Historical financing has virtually been filled by top institutions like SoftBank, Microsoft, and NVIDIA, and the product reached over 100 million monthly active users in just two months; its size has now reached the billion level.

What is the core purpose of the newly added "lock-up/unlock mechanism" in this phase?

To filter out short-term speculation, match IPO investment logic, and protect the interests of medium to long-term investors.

The review of the first phase product brought rule optimizations:

• Rule details: Subscription phase: From Tuesday, May 12, at 4:00 PM to Friday, May 15, at 4:00 PM. Token distribution: will be completed by 8:00 PM on Friday. Trading starts: Spot market trading officially opens at 10:00 PM on Friday. Unlocking: Subscription amounts will be unlocked in three batches over three months (30%, 30%, 40%).
• Correcting investment expectations: U.S. stock IPOs differ from traditional crypto IEOs (which spike immediately after opening); they are more suitable for medium to long-term asset allocation.
• Protecting the rights of medium to long-term investors: To avoid tokens deviating from the real value of underlying assets due to short-term emotional shocks after subscription, a reasonable unlocking pace is beneficial for guiding the market to gradually form a more effective pricing mechanism.
• User stratification: Short-term traders who do not accept lock-up can buy directly through the secondary spot market after the opening, leaving subscription opportunities for value investors.

Conclusion

Through this exchange, we can form several clear judgments about this phase of preOPAI:

• Breaking barriers is a long-term trend: Helping ordinary crypto users enter early investment in U.S. unicorns with extremely low thresholds is an innovative measure that solves genuine pain points.
• Compliance and authenticity are the bottom line: This phase's asset has real underlying equity support, offering higher safety compared to pure contract quotes or unendorsed credentials.
• Rules tilt toward "value investing": The newly added lock-up mechanism clearly expresses the platform's desire to retain medium to long-term investors, and users need to manage their expectations regarding sudden wealth effects reasonably.
• Whether it's the optimization of product rules or the deep binding with compliant platforms, a clear signal is released: The combination of traditional assets and crypto channels is moving away from the rough early models and gradually evolving toward regularization and sustainability.