A token tracking SpaceX's price is out! But you don't become a shareholder | Seo Dong-ju, Kim Dong-hwan, Choi Yun-young, Team Leader at Hanwha Investment & Securities [Crypto PLUS]

Summary

Choi Yun-young, Team Leader at Hanwha Investment & Securities, discusses Bybit's new Pre-IPO Express product that offers a token tracking SpaceX's pre-IPO stock price. She explains it is a debt tracker, not equity, providing price exposure without shareholder rights, and details associated risks including collateral structure, potential transfer restrictions, and liquidity fragmentation. She also highlights the rapid growth of the tokenized stock market. Host Kim Dong-hwan adds that the proliferation of leveraged ETPs on SK Hynix in Hong Kong and Korea may be fragmenting demand and weakening the stock's upward momentum.

• Bybit launched Pre-IPO Express, allowing VIP/Pro users to subscribe with USDC to a token (XSTOCK) that tracks SpaceX's pre-IPO stock price, issued as a debt tracker by Backed Finance.
• The token provides price exposure but not shareholder rights; collateral is not fully 1:1 with underlying shares, and the issuer retains flexibility on asset composition.
• Choi Yun-young warns of risks: potential transfer restrictions, tracking error between token and actual stock price, liquidity fragmentation, and uncertain regulatory treatment by SEC and CFTC.
• The tokenized stock (RWA) market has grown 145% in six months to about $2.2 billion, emerging as a notable theme for the second half of the year.
• Regulatory clarity from the SEC on tokenized security classifications and holder rights will be a key watch point for the sector.
• Host Kim Dong-hwan observes that after leveraged ETPs on SK Hynix were listed in Hong Kong and domestically, the stock's momentum may have softened due to demand fragmentation across multiple products.