Crypto exchange OKX announced plans Wednesday to launch perpetual futures contracts tracking the valuations of OpenAI, SpaceX, and Anthropic, according to the firm’s announcement. The derivatives will allow traders to speculate on private company valuations without delivering actual shares or granting equity ownership or shareholder rights such as voting or dividends. No launch timeline was provided.
Product Structure
The perpetual futures contracts will track reference prices linked to secondary market activity, according to OKX. The contracts settle without delivering actual shares and grant no equity ownership or traditional shareholder benefits.
Competitive Landscape
OKX joins other crypto platforms in offering pre-IPO market exposure. Bitget entered the segment in April through its “IPO Prime” platform, while Injective launched pre-IPO perpetual futures last year.
Brand Response and Precedent
Not all target companies have welcomed such offerings. When Robinhood pursued a related model last year with OpenAI-linked tokens backed by a special purpose vehicle holding secondary shares, OpenAI distanced itself from the product and said it had no affiliation, according to the announcement.
Alternative Retail Exposure Products
Robinhood recently launched another approach through its Robinhood Ventures fund, which invested $75 million into OpenAI. Retail investors can buy shares in the fund to gain exposure to that investment and others in private tech firms. AngelList similarly launched its USVC fund, allowing retail investors to get exposure to OpenAI, Anthropic, and xAI starting at $500.
Additional OKX Announcements
Alongside the perpetual futures plans, OKX announced tokenized stock trading on its platform via a partnership with Ondo Finance, as well as new equity perpetual futures for trading.
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