Buying and selling exercise for tokenized pre-IPO perpetual contracts surged in Could 2026 after months of low exercise, based on a brand new report from CoinGecko. Month-to-month buying and selling quantity elevated 1,059% from $60.51 million in April to $701.44 million in Could.
Apparently, SpaceX’s pre-IPO perpetual buying and selling led the market with month-to-month buying and selling quantity of $305 million, accounting for 43.5% of the whole. The sturdy buying and selling comes forward of the corporate’s long-awaited itemizing on the Nasdaq on June twelfth.
SpaceX pre-IPO frenzy
AI corporations OpenAI and Anthropic ranked second and third, respectively. Taken all collectively, contracts associated to SpaceX, OpenAI, and Anthropic accounted for greater than 95% of the pre-IPO perpetual buying and selling quantity recorded in Could, indicating that exercise was extremely concentrated in just some belongings.
SpaceX’s pre-IPO costs additionally confirmed massive variations throughout main exchanges earlier than its Nasdaq itemizing, however finally turned extra comparable as extra data turned out there.
CoinGecko discovered that within the week main as much as its market debut, SpaceX perpetual contracts have been buying and selling at round $170 on exchanges like Binance and WEEX, whereas they have been buying and selling decrease at round $155 on Coinbase, Gate, and OKX. As particulars of the preliminary public providing turned recognized, costs on main exchanges regularly converged to a variety of $160 to $165 by June 10.
Within the final two days earlier than the itemizing, costs on main platforms continued to rise in unison, reaching over $180. On June twelfth, the day of the itemizing, new data relating to the deliberate itemizing worth was mirrored within the pre-IPO market, and the worth fluctuated considerably.
Regardless of the volatility, pre-IPO costs finally ended at a mean of $157, 4.67% above SpaceX’s opening worth of $150.
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Cryptocurrency change TradFi
Past SpaceX, a number of outstanding cryptocurrency exchanges are steadily increasing their choices of tokenized real-world belongings. For the reason that starting of 2025, MEXC has listed essentially the most RWA merchandise. The platform added 199 spot belongings and 159 TradFi perpetual contracts for a complete of 358 listings.
Subsequent, Gate had 224 RWA merchandise, together with 146 everlasting belongings and 78 spot belongings, whereas WEEX, which ranked third, listed 192 belongings with 84 spot belongings and 108 everlasting belongings.
Exchanges equivalent to HTX, Binance, Crypto.com, Coinbase, and OKX are extra centered on TradFi everlasting listings than spot RWA. CoinGecko discovered that every of those exchanges recorded just one or two spot RWA listings prior to now 17 months. General, the change averaged 75 everlasting listings and 37 spot RWA listings through the interval.
