Bitget announced the listing of preSPAX, a SpaceX-linked token, on its IPO Prime platform, offering users early exposure to the company’s potential market performance ahead of any stock market debut.
The sale will run from April 18 to April 21 through Bitget’s subscription system, under which users commit funds in exchange for token allocations. Bitget said preSPAX is structured to track the economic performance of SpaceX shares after a public listing through an arrangement backed by a compliant issuer.
Sale Terms Set at $1.5 Trillion Valuation
Bitget set an implied SpaceX valuation of $1.5 trillion for the preSPAX sale, which will offer 94,000 tokens worth a combined $61.1 million at $650 each, with subscriptions accepted in USDT or USDGO.
The sale will carry a total commit cap of $1 billion, with allocations made on a pro-rata basis according to each user’s share of total commitments, while subscriptions will be accepted on a first-come, first-served basis until caps are reached.
Bitget said the product reflects a mirrored interest in SpaceX’s economic performance after a potential IPO rather than a direct investment in the company, and will be offered only in eligible markets.
Trading and Settlement
After allocations are completed, preSPAX will be available for OTC trading, while users who hold through the lock-up period can receive settlement based on the underlying company’s market price, subject to the subscription terms.
Users who keep the token until the end of the lock-up period may receive conversion into tokens or USDT, depending on the settlement terms linked to the underlying asset. Bitget said further details are set out in the subscription agreement.
Bitget Deepens Push into Payments
This move comes as Bitget steps up a broader expansion of its wallet and payments infrastructure, with a focus on making stablecoin transactions easier to use in everyday life.
In March, Bitget Wallet integrated with the Stellar network, extending its stablecoin payment rails by tapping Stellar’s payments-focused blockchain, aiming to support smoother links between digital assets and traditional finance across services such as crypto cards, QR payments, bank transfers, and on- and off-ramps.
The integration also opened access to Stellar-based assets, including stablecoins such as USDC, while giving users the ability to hold, swap, and transfer those tokens within a self-custodial setup.
That push was followed by the launch of Bitget Wallet’s Onchain Payments Matrix, a framework aimed at connecting fragmented payment systems and expanding the use of stablecoins beyond institutional settlement. Bitget said the network brings together partners across card networks, stablecoin issuance, cross-border settlement, and fiat conversion, while also linking regional banking channels and QR payment systems.
In April, Bitget Wallet expanded its QR payment capabilities across Asia-Pacific, allowing users to pay supported merchants directly from self-custodial wallets using stablecoins, targeting markets where QR payments are already deeply embedded in daily commerce and allowing customers to pay in crypto while merchants receive local currency.
Taken together, the recent moves show Bitget broadening its push from token trading into real-world payment use cases built around stablecoins and self-custodial wallets.
