In this Space, jointly hosted by Bitget Chinese and @OdailyChina, we invited Xie Jiayin, Head of Bitget Chinese Operations, and Ken, Head of Bitget Spot/IP Prime Products, for an in-depth discussion on the launch rationale, core advantages, new staking rules, and asset compliance of Bitget IPO Prime’s second phase, preOPAI.

With traditional finance (especially US stocks) continuing to heat up this year, the demand among crypto market investors for high-quality US stock assets is growing. How to enable ordinary users to invest in unicorn enterprises safely and with low barriers has become a key focus.

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

Despite Significant Controversy Surrounding the First Phase, Why Does Bitget Insist on Pursuing IPO Prime?

The core intention is to break down the barriers of traditional finance, transforming asset privileges into rights accessible to everyone.

Compared to traditional primary and secondary markets, this product addresses key pain points as follows:

• Extremely Low Barriers: Traditional participation in Pre-IPO typically requires asset verification of millions of US dollars, whereas this platform allows ordinary users to participate in new issuances.
• Significantly Reduced Costs: It eliminates the high management fees and profit-sharing (Carry interest) of 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, while the spot trading model offers better exit liquidity.

Compared to Other Competitors, What Are the Core Advantages of Bitget’s preOPAI?

Compared to similar products on the market, the biggest advantage of this phase’s underlying asset lies in its real equity backing and more cost-effective price.

This is mainly reflected in:

• Lower Valuation Pricing: The token is priced based on the real financing valuation (implied value of approximately $898.2 billion), significantly lower than the estimated pricing on other competing platforms (approximately $1.18 trillion to $1.47 trillion).
• Highly Compliant Assets: The platform has an exclusive partnership with Republic, a compliant institution regulated by the U.S. SEC, making this token the only asset on the entire internet backed by real equity in the target company.
• Strong Platform Safeguards: In extreme scenarios (e.g., partner insolvency), Bitget, leveraging its own strength, can compensate users with the real equity interests behind the token through liquidation procedures.
• Low Holding Costs: Compared to perpetual contracts, which incur funding fee friction during long-term holding, spot assets are more suitable for medium-to-long-term holders.

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 rapid growth, multiplying by hundreds or thousands of times.
• Strong Capital and User Base: Its historical funding rounds have been almost entirely covered by top institutions like SoftBank, Microsoft, and Nvidia. Furthermore, its product achieved over 100 million monthly active users within just two months, and its current user base has reached the billions.

What Is the Core Purpose of the Newly Added “Staking/Unlock Mechanism” in This Phase?

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

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

• Rule Details:
• Subscription Phase: Runs from Tuesday, May 12 at 4:00 PM to Friday, May 15 at 4:00 PM.
• Return of USDT & Token Distribution: Will be completed by Friday evening at 8:00 PM.
• Trading Commencement: Spot market trading officially opens on Friday evening at 10:00 PM.
• Unlock: The subscription quota will be unlocked in three tranches over three months (30%, 30%, 40%).
• Correcting Investment Expectations: US stock IPOs differ from traditional crypto IEOs (which skyrocket immediately upon listing). They are more suitable as medium-to-long-term asset allocations.
• Protecting Medium-to-Long-Term Investors' Interests: This prevents the token’s price from detaching from the underlying asset’s true value due to short-term emotional shocks after subscription. A reasonable unlocking schedule helps guide the market toward a more effective price discovery mechanism.
• User Segmentation: Short-term traders who are unwilling to accept the lock-up period can purchase directly on the secondary spot market after trading opens, reserving the subscription opportunity for value investors.

Summary

From this discussion, we can form several clear judgments regarding this phase of preOPAI subscription:

• Breaking Down Barriers Is a Long-Term Trend: Helping ordinary crypto users gain early access to US stock unicorn investments with extremely low thresholds is an innovative move that genuinely addresses a real pain point.
• Compliance and Authenticity Are the Bottom Lines: The underlying asset in this phase has real equity backing. It offers higher security compared to pure contract-based quotes or unbacked certificates.
• Rules Favor “Value Investing”: The newly added lock-up mechanism clearly signals the platform’s intent to attract and retain medium-to-long-term investors. Users must manage their expectations regarding instant wealth creation.
• Both the optimization of product rules and the deep integration with compliant platforms send a clear signal: the model combining traditional assets with crypto channels is moving away from its early, unrefined phase and evolving towards formalization and sustainability.