Tracks price without physical stock? The reality of SpaceX perpetual futures with exploding trading volume even before listing | Seo Dong-ju, Kim Dong-hwan, Choi Yun-young Hanwha Investment & Securities Team Leader [CryptoPLUS]

Summary

The video discusses the rise of pre-IPO perpetual futures and prediction markets for unlisted companies like SpaceX, Anthropic, and OpenAI. Speakers explain the mechanics, regulatory gaps, and risks including lack of physical stock, price tracking concerns, and issuer disapproval. The lawyer warns about speculative nature while the broker advises caution due to early-stage market conditions.

• SpaceX perpetual futures launched on TradeXY saw initial price surge from $150 to $216 then settled near $200.
• Anthropic publicly rejected tokenized share transfers via SPB, causing a 30-40% drop in related tokens.
• Polymarket entered the pre-IPO space using Nasdaq Private Market data for settlement.
• Regulatory uncertainty exists between federal (CFTC supportive) and state (gambling) views.
• Korean investors are advised to differentiate between tokenized shares, perpetual futures, and prediction markets.
• Institutional investors are not yet participating due to low liquidity and regulatory barriers.
• The market is still in very early stages with significant price and event risk.