Crypto Investors Use Pre-IPO Perpetual Futures and Tokenized Stocks to Trade SpaceX IPO Exposure, Fu Peng Says

Fu Peng said on X that some long-term Bitcoin holders who have largely stayed within the digital-asset ecosystem are using a channel for the first time to allocate to S&P 500 ETFs and AI-related funds. According to Odaily, he said this shift has moved market discussion from “opposition” to “complementarity,” and cited BlackRock’s description of cross-asset integration as the “great convergence.” Fu also said crypto investors this month have participated in SpaceX IPO-related activity through pre-IPO perpetual futures and tokenized stocks. He said these products allow users to speculate on private-company valuations before a public offering, which he described as further breaking down barriers between public and private markets. He added that trading volume in pre-IPO perpetual futures rose over several weeks from about $1 billion in early May to nearly $22 billion.