In this Space jointly hosted by Bitget Chinese and @OdailyChina, we invited Xie Jiayin, Head of Bitget Chinese, and Ken, Head of Bitget Spot/IPO Prime Product, to delve into the core topics surrounding the launch of the second phase of Bitget IPO Prime, preOPAI, including its original intent, key advantages, new staking rules, and asset compliance.

With the continued robust performance of traditional finance (particularly U.S. stocks) this year, demand among crypto market investors for high-quality U.S. equity assets is growing. How to enable ordinary users to securely and easily participate in investments in unicorn enterprises has become a focal point.

Below is a summary of the key insights from this Space: (Disclaimer: This article is a compilation of the content from this Space discussion and does not constitute any form of investment advice. The final rules are subject to official announcements.)

Despite significant controversy in the first phase, why is Bitget persisting with IPO Prime?

The core original intent is to break down traditional financial barriers, transforming asset privileges into rights accessible to everyone.

Compared to traditional primary and secondary markets, the key pain points this product addresses are:

• Extremely low barrier to entry: Traditional participation in Pre-IPO typically requires asset verification in the millions of USD, whereas this platform allows ordinary users to subscribe to new offerings.
• Significantly reduced cost: It eliminates the high management fees and profit-sharing fees (Carry interest), often up to 20%, charged by traditional investment banks or wealth management channels.
• Superior liquidity: Traditional channels often require lock-up periods of one to two years or even longer, whereas the spot trading model offers better exit liquidity.

Compared to competing products, what are the core advantages of Bitget's preOPAI?

Compared to similar products on the market, the biggest advantages of this phase's underlying asset are its real equity backing and more cost-effective pricing.

This is mainly reflected in:

• Lower valuation pricing: The token is priced based on real fundraising valuations (implied value of approximately $898.2 billion), significantly lower than the estimated pricing on other competing platforms (around $1.18 trillion to $1.47 trillion).
• High asset compliance: The platform is exclusively partnering with Republic, a compliant institution regulated by the U.S. SEC, to issue the token. It is the only asset on the entire network backed by actual equity in the target company.
• Strong platform backing: In extreme scenarios (e.g., partner bankruptcy), Bitget, leveraging its own strength, can compensate users for the underlying real equity rights through liquidation procedures.
• Low holding cost: Compared to perpetual contract products which incur funding rate costs for long-term holding, spot assets are more suitable for medium- to long-term players.

Why was OpenAI chosen as the underlying asset for the second phase?

The investment research team's assessment indicates that OpenAI possesses extremely high growth potential and recognition from top-tier capital.

Specific reasons include:

• Explosive business growth: Over the past three years, OpenAI's valuation has experienced hundreds- to thousands-fold rapid growth.
• Strong capital and user base: Historical fundraising rounds have been almost entirely subscribed to by top institutions like SoftBank, Microsoft, and NVIDIA. Furthermore, its product achieved over 100 million monthly active users in just two months and currently operates at a billion-user scale.

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

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

The review of the first phase led to optimizations in the rules:

• Rule Details:
• Subscription Period: From Tuesday, May 12 at 4:00 PM to Friday, May 15 at 4:00 PM.
• Return of Stablecoins & Token Distribution: To be completed before Friday, 8:00 PM.
• Trading Launch: Spot market trading officially opens on Friday at 10:00 PM.
• Unlock Schedule: Subscribed quotas will be unlocked in three batches over three months (30%, 30%, 40%).
• Correcting Investment Expectations: U.S. IPOs differ from traditional crypto IEOs (which often see immediate price spikes at launch); they are more suitable as medium- to long-term asset allocations.
• Protecting Interests of Medium/Long-term Investors: Prevents the token price from diverging from the underlying asset's true value due to short-term emotional trading post-subscription. A reasonable unlock rhythm helps guide the market towards forming a more efficient pricing mechanism.
• User Segmentation: Short-term traders who prefer not to accept lock-ups can directly purchase tokens on the secondary spot market after trading opens, reserving subscription opportunities for value investors.

Conclusion

From this discussion, we can form several clear assessments regarding the preOPAI subscription offering:

• Breaking barriers is a long-term trend: Helping ordinary crypto users gain early access to U.S. stock unicorn investments with extremely low barriers is an innovative move that effectively addresses real pain points.
• Compliance and authenticity are the bottom line: This phase's underlying asset has real equity backing, offering higher security compared to pure contract pricing or unbacked certificates.
• Rules tilt towards "value investing": The newly added lock-up mechanism clearly signals the platform's intention to retain medium- to long-term investors. Users should manage their expectations regarding immediate high returns.
• Both the optimization of product rules and the deep integration with compliant platforms send a clear signal: the combination of traditional assets and crypto channels is moving away from its early, crude model, progressively evolving towards formalization and sustainability.