Crypto World
Lighter Unveils Multi-Asset Margin Starting With ETH
Traders can post non-USDC assets as collateral for perps through Unified Trading Accounts, with conservative supply caps at launch.
Decentralized perpetuals exchange Lighter is rolling out Multi-Asset Margin today, enabling traders to post non-USDC assets as collateral for perps trading.
The feature debuts with ETH as the first supported collateral asset, according to Lighter’s documentation. Users deposit a supported asset into their margin balance, and its value, discounted by a loan-to-value haircut, counts toward the account’s margin balance and can be used to open perpetual positions. The upgrade is limited to perpetual futures at launch, with USDC spot trading collateralized by non-USDC assets slated to follow.
Lighter is rolling out the feature with conservative per-user and global supply caps as it onboards additional assets over time, per the docs. Access is restricted to accounts with Unified Trading Accounts enabled, which the team rolled out in February and described at the time as the first phase of a push to allow arbitrary tokens to be used as collateral on the platform.
The documentation highlights two potential use cases. The first is a delta-neutral basis trade, where a user deposits ETH as margin, shorts ETH perps against it, and earns funding. The second is leveraged spot, where deposited ETH is used as margin to buy more spot ETH.
Account risk is tracked through a single unified health check covering both perp positions and spot collateral.
The upgrade arrives as Lighter has lost ground in the perp DEX race since its token launch. The platform currently ranks fourth by 24-hour perp volume at roughly $1.35 billion, per DefiLlama, behind Hyperliquid, Aster, and EdgeX, after leading the market in November and December.
The platform’s LIT token has underperformed since its Dec. 29 debut as airdrop farmers rotated to pre-token competitors, and currently trades at a roughly $930 million valuation.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Jane Street asked a U.S. court to dismiss a lawsuit brought by the bankruptcy estate of Terraform Labs, rejecting claims that the trading firm helped trigger the 2022 collapse of the TerraUSD (UST) stablecoin and its sister token Luna.
In two filings submitted Thursday to the Southern District of New York, Jane Street and several employees said the case is an attempt to shift blame for the failure of the Terra ecosystem, which erased roughly $40 billion in value within days.
The firm urged the court to dismiss the complaint with prejudice, which would prevent Terraform from pursuing the same claims again.
“This case is an attempt by the estate of Terraform Labs to extract cash from Jane Street to foot the bill for a fraud that Terraform itself perpetrated on the market,” the defendants wrote.
Jane Street argued that the core issues behind Terra’s collapse have already been settled in court. It pointed to criminal and civil cases against Terraform founder Do Kwon, who pleaded guilty to conspiracy and wire fraud and is serving a 15-year prison sentence. A jury also found Kwon and Terraform liable for securities fraud. According to the filing, Kwon said he was “alone responsible for everyone’s pain.”
Terraform’s lawsuit, filed in January by administrator Todd Snyder, accuses Jane Street of insider trading that sped up the collapse. Snyder alleges the firm used nonpublic information from Terraform insiders to trade ahead of major moves, including large withdrawals from the Curve liquidity pool that preceded UST losing its dollar peg.
For example, the complaint claims Terraform withdrew 150 million UST on May 7, 2022, and that a wallet linked to Jane Street pulled 85 million UST minutes later, sparking market panic. Jane Street disputes that narrative and denies any role in the collapse.
Jane Street maintains that “Terraform’s fraud scheme — in which Jane Street had no involvement — has already been prosecuted, adjudicated, and punished.”
Terraform Labs, founded in 2018, filed for bankruptcy in January 2024. Its downfall rippled across the crypto sector, contributing to failures at several firms exposed to the project. The court’s decision on Jane Street’s motion could shape how responsibility for that collapse is assigned.
The US Department of Justice (DOJ) has dropped its criminal investigation of Federal Reserve Chair Jerome Powell, ending a case that had frozen Senate work on the Trump nominee set to replace him.
US Attorney Jeanine Pirro announced the decision Friday, effectively reversing her public stance from two days earlier, when she pledged to appeal a judge’s order blocking her office’s grand jury subpoenas.
Quick Reversal After Courts Pushed Back
The probe began in January. Pirro’s office opened a grand jury inquiry into Powell’s June 2025 Senate testimony about the Fed’s headquarters renovation.
Prosecutors asked whether Powell misled senators about the scope of work on the Eccles and East buildings in Washington.
Reported costs for the project climbed to roughly $2.5 billion, up from an earlier authorization near $1.9 billion.
Inflation, asbestos and lead remediation, and historic preservation requirements drove most of the overrun. No charges were filed.
Chief US District Judge James Boasberg quashed the DOJ’s subpoenas on March 13 and reaffirmed the ruling on April 3. He wrote that prosecutors produced “essentially zero evidence” of a crime.
The judge also said the subpoenas served a “pretextual” purpose aimed at pressuring Powell over interest rate decisions. Pirro rejected that framing and said on April 22 she would appeal.
Two days later, her office referred the cost overruns to the Fed’s inspector general, an internal watchdog with access to procurement records.
“I have directed my office to close our investigation as the IG undertakes this inquiry…I will not hesitate to restart a criminal investigation should the facts warrant doing so,” wrote Pirro in the Friday afternoon post.
Tillis Ultimatum Cleared Warsh’s Path
The closure removes a political block on Kevin Warsh, the Trump nominee to succeed Powell when the chair’s term ends May 15.
Sen. Thom Tillis of North Carolina, a Republican on the Senate Banking Committee, had withheld his vote until prosecutors walked away.
“I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved,” Tillis articulated in a late January post.
Tillis called the investigation “bogus” and “frivolous” during Warsh’s April 21 hearing. He said dropping it could be done in “five minutes.”
“If we want to get Mr. Warsh confirmed, we need to drop the investigation,” Tillis made the remark at Warsh’s hearing.
Warsh, a former Fed governor under George W. Bush, told senators he would not act as Trump’s “sock puppet.”
His confirmation would place a Trump ally atop the central bank weeks before the Federal Open Market Committee’s June meeting.
Powell had publicly described the probe as retaliation for Fed rate policy. His term as chair ends next month, though he can remain as a governor until 2028.
Former Fed officials and several market economists had flagged the case as a stress test for central bank independence.
The CLARITY Act Overlap
The decision reshapes the Senate Banking Committee’s near-term calendar. Tillis is also the lead Republican negotiator on stablecoin yield language in the Digital Asset Market CLARITY Act, the House-passed crypto bill now awaiting Senate markup.
He pushed the committee to delay the CLARITY markup from April to May, citing the need for more stakeholder input from banks.
The North Carolina Bankers Association had urged members to lobby his office for tighter restrictions on rewards tied to stablecoin balances.
Banks want a full ban on passive yield. Crypto firms want activity-based incentives preserved. A partial compromise allowing rewards tied to third-party platform usage has circulated but has not been finalized.
With Warsh’s confirmation no longer tethered to the DOJ case, committee bandwidth opens heading into the week of May 11, the earliest feasible window for the crypto markup.
Industry groups have warned that further slips could push meaningful market-structure reform into 2027, or worse, beyond 2030.
The Fed inspector general’s review and Warsh’s committee vote are the next pressure points. Whether the Powell case returns in any form may hinge on what the watchdog finds inside the renovation records.
The post DOJ Drops Powell Probe in Fast Reversal, Clearing Warsh Confirmation Path appeared first on BeInCrypto.
The aerospace and defense trade is taking investors deeper into space and exchange-traded funds want a part of it.
VettaFi’s Cinthia Murphy told CNBC’s “ETF Edge” this week there are now more ETFs tackling the space theme more directly — listing the Procure Space ETF (UFO) and Global X Defense Tech ETF (SHLD) as examples.
“They have the cybersecurity element: Satellites, communications, navigation. So, the defense theme is actually a very colorful theme nowadays. It has a lot of interesting names,” the firm’s director of research said. “It really isn’t just about Lockheed Martin and some of the traditional names that you find in ITA [iShares US Aerospace & Defense ETF].”
As of Thursday’s close, the Procure Space ETF is up almost 19% since the Iran War started on Feb. 28 while the Global X Defense Tech ETF is off 8%.
Meanwhile, the more traditional iShares US Aerospace & Defense ETF is down 10% in the same period. Its website lists the top holdings as GE Aerospace, RTX Corp and Boeing.
Murphy expects investor interest in aerospace and defense stocks to persist long after the Iran war is resolved.
“Any time you have geopolitical heat, it puts this kind of theme on the map,” said Murphy. “But it’s another big growth area because there’s so much new technology coming up and so much investment coming into this space. A lot of governments making commitments for much more investments in the next five to ten years.”
Murphy suggests historic interest in the SpaceX initial public offering, which his largely expected in June, is firing up even more interest in the space.
“One of the things we’ve spoken about the most this year is about space exploration and space investment given we’re about to see the SpaceX IPO,” added Murphy.
SS&C Technologies‘ Paul Baiocchi is also bullish on aerospace and defense names. He predicts a monster ramp up in defense budget around the world will generate solid returns for the group.
“All of these things are converging for the same limited scarce resources,” the financial technology firm’s head of fund sales and strategy said in the same interview. “Near-term, medium-term [and] long-term, commodities allocations, energy infrastructure [and] electrification infrastructure all stand to benefit from the massive amount of investment that’s coming from both the public and private sectors.”
Plus, he sees artificial intelligence playing a key role.
“The bottleneck for AI might be chips, but it’s also power and transmission and the raw materials that go into construction,” Baiocchi said. “If you look at defense, that’s also part of the constrain is the availability of the rare earths.”
Bybit CEO Ben Zhou pledged his support for Mantle’s 30,000 ETH loan proposal.
The “DeFi United” industry recovery effort spearheaded by Kelp and Aave Labs has filled 73,700 ETH of the 163,200 ETH hole from the April 18 exploit, and confirmed public commitments from ecosystem partners now total 43,500 ETH.
That leaves a remaining shortfall of approximately 89,500 ETH. Of the amount already recovered, 40,300 rsETH (roughly 43,000 ETH) was clawed back directly by Kelp after it paused its bridge contracts 46 minutes into the attack, with an additional 30,700 ETH frozen by the Arbitrum Security Council on April 21.
The initiative has since expanded its roster of participants to include EtherFi, Ethena, Lido, Golem, Ink Foundation, Tydro, Mantle, Frax Finance and LayerZero.
Confirmed public pledges of 43,500 ETH come from Mantle, Aave founder Stani Kulechov, EtherFi, Lido and Golem. Kulechov has personally committed 5,000 ETH, EtherFi has proposed a 5,000 ETH relief contribution, Golem Foundation and Golem Factory have pledged a combined 1,000 ETH, and Lido Labs Foundation has earmarked up to 2,500 stETH via a governance proposal.
The Mantle pledge anchors the latest wave of support. In its MIP-34 proposal published Thursday, Mantle’s Core Contributor Team proposed a loan of up to 30,000 ETH from the Mantle Treasury to Aave DAO, structured with a Lido staking APR plus 1% premium interest rate, a maturity of up to 36 months, and collateral including 5% of Aave revenue and at least $11 million in AAVE tokens held in a Mantle-controlled multisig. The loan is earmarked solely for resolving rsETH bad debt on Aave V3.
Crypto exchange Bybit, a core Mantle backer since the network’s launch, publicly endorsed the proposal on Thursday. “Bybit, as the biggest holder and supporter of Mantle, will vote YES for this proposal,” Bybit co-founder and CEO Ben Zhou wrote on X. “When we got hacked the industry got together and helped us. It is the only right thing that we do the same to unit[e] together and walk out from difficult times.”
Smaller contributions have also come in from Aave’s current and former contributor community. Aave builder Emilio Frangella committed 500 ETH, BGD Labs pledged 250 ETH, and BGD Labs co-founder Ernesto Boado personally donated 100 ETH.
Aave’s own April 20 incident report modeled between $123.7 million and $230.1 million in potential bad debt depending on how Kelp allocates losses across rsETH holders. Aave’s risk team paused rsETH reserves across Ethereum Core, Arbitrum, Base, Mantle and Linea earlier this week, and partially unfroze WETH supply on Ethereum Core V3 after a joint-protocol escape hatch was built within 24 hours of the exploit.
“rsETH holders come first, and that’s been our priority since day 1,” Kelp said in its update. “We will continue sharing updates as further commitments are confirmed.”
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Crypto World
Solana Price Just Broke a Months-Long Descending Trendline: Are $120 Targets Finally Back on the Table?
Solana price is trading near $85.50 with a 24-hour decline of roughly 0.4%, putting bulls on defense heading into the weekend, but the more interesting question is whether this dip masks a larger setup quietly forming on higher timeframes.
Technical analysts are watching two converging trendlines across the daily and weekly charts, with a confirmed breakout above a months-long descending resistance potentially pointing toward $120–$125. The chart doesn’t lie, but it doesn’t promise anything either.
Analyst CryptoCurb shared a daily chart showing SOL punching through a falling trendline that had capped price through multiple macro shocks, including a Binance flash crash and Iran war escalation events in late 2025.
The breakout is real, but the setup now hinges on a retest hold: buyers must defend the broken trendline as new support or the signal weakens fast.
Separately, Rendoshi AI flagged the weekly chart, pointing to $120 as the next major target if the short-term downtrend from SOL’s late-2025 peak breaks conclusively.
With the 200-Day SMA towering at $116–$124 and weekend liquidity typically thin, the next 48 hours carry outsized significance for SOL’s medium-term trend. Bitcoin’s own accumulation dynamic adds a macro layer worth tracking alongside Solana’s setup.
Can Solana Price Hit $120 This Week?
SOL is stuck in a tight range, and right now it is not trending, it is just deciding, with price sitting just under the 50-day average and no real volume backing either side.
The key area is around $85. As long as that holds, structure stays intact and this looks like a normal consolidation, not weakness.
If Solana price can push above $88.7 and hold it, that is where momentum starts to build and opens a move toward the low $90s, which would shift the short-term narrative.
More realistically though, it probably just chops between $85 and $88 for now while the market waits for a trigger.
The risk is if $84 breaks, because that weakens the structure and brings $82 back into play, delaying any recovery.
So this is a simple setup, hold above $85 and it builds, lose it and the grind lower continues.
What if Newly Launched LiquidChain is The Solana of This Cycle?
SOL pushing toward $120 sounds strong on paper, but zoom out, and it is still a large-cap move, roughly 40% upside from an already massive network, so the explosive phase is mostly behind it.
That is why attention is shifting toward earlier-stage infrastructure, where the upside is not yet priced in, even if the risk is higher.
LiquidChain is aiming at that angle, building a cross-chain liquidity layer that connects Bitcoin, Ethereum, and Solana into one execution environment. The idea is to remove fragmentation so developers can tap into all three ecosystems without rebuilding each time.
The timing makes sense, with liquidity flowing into both ETH and SOL, but the project itself is still early. The presale sits around $0.01452 with a relatively small rise so far, indicating it is in the early accumulation phase and not yet widely priced.
But that also comes with the usual trade-off: presales are illiquid and depend entirely on execution and adoption later on.
So the setup is clear, SOL offers more stable, slower upside, while something like LiquidChain offers higher potential but with much higher uncertainty.
The post Solana Price Just Broke a Months-Long Descending Trendline: Are $120 Targets Finally Back on the Table? appeared first on Cryptonews.
TLDR
- XRP added about $900 million in tokenized real-world assets within 24 hours.
- The total RWA value on the XRP Ledger reached $3.53 billion after the surge.
- Justoken’s JMWH product increased from $861 million to $1.763 billion on-chain.
- JMWH now accounts for nearly half of the total RWA value on XRPL.
- RWA.xyz data reflected the sudden rise in value on its public dashboard.
XRP recorded a sharp rise in tokenized real-world assets within 24 hours. The network added about $900 million in value, pushing total RWA holdings to $3.53 billion. Data from RWA.xyz shows that the increase came from an existing product on the XRP Ledger.
XRP Sees Rapid Growth in Tokenized Assets on XRPL
RWA.xyz reported that XRP Ledger held $2.616 billion in tokenized assets as of April 22. That figure included $491 million in stablecoins and showed steady growth since January. However, the total climbed to $3.53 billion within a day, reflecting a 35% increase.
The data shows that Justoken’s JMWH product drove the entire rise. JMWH increased from $861 million to $1.763 billion on-chain during the same period. As a result, JMWH now accounts for nearly 49.9% of total RWA value on XRPL.
RWA.xyz confirmed the updated figures on its public dashboard. The platform tracks represented and distributed real-world assets across major blockchain networks. The sudden jump marked one of the largest single-day changes recorded for XRP’s RWA ecosystem.
Justoken’s JMWH Product Drives XRP Ledger Expansion
Justoken, based in Buenos Aires, developed the JMWH digital energy token. Each JMWH token represents one real megawatt-hour of electricity backed by energy providers. The company deployed the product exclusively on the XRP Ledger.
The recent increase appears linked to a new deployment or value update. However, Justoken’s official platform still lists JMWH at about $860 million. The company has not yet confirmed the higher $1.763 billion valuation reflected on RWA.xyz.
Following the update, XRPL moved higher in global RWA rankings. The ledger now ranks third by represented real-world assets with about $2.5 billion recorded. XRP’s market share rose 71.78% over 30 days to 0.71%.
When including both represented and distributed assets, XRP ranks fifth globally. The network now hosts $3 billion in total RWA, excluding stablecoins. This marks a 60.33% rise over the past 30 days.
JMWH currently represents about 70% of the represented value on XRPL. The product remains the largest single tokenized asset hosted on the network. RWA.xyz continues to display the updated figures at press time.
Justoken has not issued a public statement regarding the change. Its website still reflects the earlier $860 million value. The discrepancy remains unresolved as of the latest available data.
Binance has unveiled a new wallet that merges AI with decentralized finance. “Agentic Wallet,” a keyless crypto wallet that enables AI agents to execute transactions on behalf of users within predefined parameters.
Announced just today, the new wallet operates as a separate, isolated account within a user’s Binance Wallet, enabling AI-powered agents to trade, transfer, and manage digital assets without directly accessing a user’s primary funds. This is a push by Binance to expand AI capabilities beyond trading tools and into on-chain activity across Web3 ecosystems.
Binance positions Agentic Wallet as a solution to one of the emerging challenges in crypto automation. By isolating balances and allowing configurable permissions, Binance aims to give users oversight while still benefiting from automation.
“At Binance, we see AI as key to making digital asset opportunities more accessible,” said Winson Liu, Global Head of Binance Wallet. “Agentic Wallet is designed to give users and developers a secure, practical way to let AI agents take action on-chain.”
He added that the product extends Binance’s AI ecosystem beyond its exchange. “With Agentic Wallet, we’re extending the Binance AI experience beyond the exchange and into Web3, while bringing the agent, the wallet, and the exchange experience together in one app,” Liu said. “The result is a more intuitive, secure, and self-custodial way for users to let their AI agents operate on-chain within clear boundaries.”
Discover: The best pre-launch token sales
What Does The New Binance AI Wallet Do?
According to the Binance press release, Agentic Wallet introduces a structured framework for AI-driven activity, incorporating features such as spending limits, token restrictions, and predefined transaction rules. Transfers are restricted to whitelisted addresses saved in a user’s address book, while a dedicated monitoring dashboard provides real-time visibility into agent activity.
The wallet supports a range of operations at launch, including balance checks, transfers, trading via market and limit orders, and order management. We know AI agents have been making headlines here and there, with them recording a huge profit from pure automation.
The wallet itself uses keyless technology, eliminating the need for users to manage private keys directly. This eliminates one of the major friction points in self-custody crypto solutions. Instead, it relies on enterprise-grade infrastructure combined with Binance’s “Secure Auto Sign,” which allows pre-approved transactions to execute without repeated confirmations.
The product is compatible with multiple AI agent frameworks that support tool-use protocols, including OpenClaw, Claude Code, and Cursor. This interoperability suggests Binance is targeting not just retail users but also developers building AI-native financial applications.
Discover: The best crypto to diversify your portfolio with
Expansion Across Chains and Incentives at Launch
At launch, Agentic Wallet supports several major blockchain networks, including BNB Smart Chain, Solana, Base, and Ethereum, with plans to expand to additional chains over time. Each user is currently limited to creating one Agentic Wallet.
To encourage adoption, Binance is rolling out a 15-day promotional campaign offering up to 20 gas-free transactions per user, capped globally at 200,000 transactions. The company is also waiving service fees for trades executed via Agentic Wallet during the promotion period.
Cryptonews readers also have the chance to get a $10 bonus from Binance. The exchange is giving new users a straight $10 USDC just for making their first trade until May 16.
The post Binance AI Wallet Unveiled: Keyless ‘Agentic Wallet’ for Web3 Automation appeared first on Cryptonews.
The European Central Bank (ECB) said Friday it has signed agreements with three European standards bodies to reuse existing open payment standards for digital euro transactions, as it seeks to reduce integration costs for banks, merchants and payment service providers.
According to the ECB, the agreements with the European Card Payment Cooperation, Nexo standards and the Berlin Group will allow the ECB to use standards covering contactless tap-to-pay payments, merchant-to-payment-provider connections and alias-based payments, such as transactions using a mobile phone number.
The ECB said using existing open standards would minimize adoption costs for the market and help create a uniform digital euro user experience across the euro area. However, the standards agreements remain a cost-mitigation step, not confirmation that the digital euro will be cheap to implement.
An earlier ECB analysis reported by Reuters estimated that the digital euro could cost European Union banks between 4 billion euros and 6 billion euros over four years.
The agreements show that the ECB is trying to reduce one technical barrier to digital euro adoption. However, the move does not directly resolve the broader cost question facing banks that may still need to spend billions of euros preparing systems, staff and compliance processes for a possible launch.
The standards to be included. Source: ECB
ECB prepares technical layer ahead of pilot
The ECB said the agreements are intended to encourage early coordination among payment service providers, standardization bodies and other market participants before a possible digital euro launch.
The central bank said Europe currently lacks a universally available open standard supported across payment terminals and remains heavily dependent on proprietary standards owned by international card schemes and global digital wallets.
Related: ECB backs tokenized EU capital markets with strict guardrails
The standards push follows earlier signals that the ECB wants the digital euro’s technical framework clarified so banks and merchants can begin preparing their systems. On March 25, ECB Executive Board member Piero Cipollone said the central bank expected to announce key technical standards by the summer.
The ECB is also separately recruiting payment service providers for a 12-month digital euro pilot expected to start in the second half of 2027. On Feb. 18, the ECB said the pilot will involve a limited number of payment service providers, merchants and Eurosystem staff, with PSPs playing a central role in digital euro distribution.
Magazine: Ripple joins Singapore sandbox, Bhutan’s big Bitcoin selloff: Asia Express
China’s new online marketing rules tighten an already sweeping crypto ban and place fresh pressure on financial influencers, echoing parallel crackdowns in Europe, Australia and the UK.
Bitget has launched IPO Prime, a platform offering tokenized exposure to private companies before they go public, with SpaceX as the first listing via a derivative token called preSPAX minted on the Solana blockchain.
The offering is issued through Republic, a private markets investment platform, and began trading after a brief subscription window, giving retail investors near-immediate liquidity on a pre-IPO name that has been off-limits to almost everyone outside Sand Hill Road.
The core question this raises: whether tokenized pre-IPO derivatives represent a genuine democratization of private market access, or a new category of structured risk that regulators have not yet caught up with.
Key Takeaways
- Product launch: Bitget’s IPO Prime platform offers tokenized exposure to private companies ahead of public listings.
- First listing: preSPAX, a derivative token tracking SpaceX’s economic performance, issued via Republic on Solana.
- Token structure: preSPAX is a derivative – not equity – designed to mirror financial outcomes tied to SpaceX’s post-IPO valuation.
- Mechanics: Users commit stablecoins into a pool and receive tokens proportional to total demand; tokens trade on a spot market immediately after distribution.
- Chain: Solana, increasingly positioned as a settlement layer for tokenized real-world assets.
- Watch item: Whether the SEC or equivalent regulators classify preSPAX-style instruments as unregistered securities will determine how fast IPO Prime can scale globally.
Discover: The best pre-launch token sales
How IPO Prime Actually Works, and What a preSPAX Buyer Actually Holds
The mechanics are straightforward but the product structure deserves precision. Users deposit stablecoins into a subscription pool during a defined window; token allocations are then distributed based on total pool demand rather than fixed lots.
Once distributed, preSPAX trades on Bitget’s spot market, letting holders enter and exit as sentiment around a SpaceX IPO shifts.
What a buyer actually holds is a derivative, not a share, not a convertible note, not a SAFE. preSPAX is structured to mirror the financial outcomes tied to SpaceX’s valuation at the point of a public debut.
Republic, which specializes in private market access, issues the token; Solana handles settlement and custody of the on-chain instrument.
The distinction from equity ownership is not a footnote, it is the entire legal architecture of the product.
This structure breaks the traditional pre-IPO lock-up model, where venture stakes in private firms can sit illiquid for three to seven years.
IPO Prime’s spot market creates an exit valve that did not previously exist for retail participants. That is genuinely new. What it does not provide is voting rights, pro-rata rights, or any direct claim on SpaceX assets.
What the SpaceX Hook Reveals About Retail Demand for Pre-IPO RWA Exposure
Tokenization of real-world assets has expanded rapidly across bonds, money market funds, and commodities, but pre-IPO equity exposure has remained structurally inaccessible to retail.
SpaceX is not an arbitrary first listing. The company has reportedly filed confidentially for an IPO, making it one of the most anticipated market debuts in years, with retail demand that has no conventional outlet.
Bitget’s choice of Solana as the settlement chain aligns with a broader trend. Solana has absorbed an increasing share of RWA tokenization activity in 2025 and 2026, drawn by throughput and low transaction costs relative to Ethereum mainnet.
Republic’s involvement adds a layer of private market credibility that a pure crypto-native issuer would lack.
The competitive pressure here is real. Exchanges are racing to extend product surface area beyond spot and derivatives into structured exposure products.
Bitget’s IPO Prime is a direct response to that dynamic, and a signal that pre-IPO tokenization is moving from niche experiment to exchange-tier product category.
Explore the top RWA presale projects now
The post Bitget Launches Pre-IPO Token Trading Starting With SpaceX on Solana appeared first on Cryptonews.
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