Blockchain.com has activated 24/7 perpetual trading capabilities for institutional clients through its OTC desk, granting continuous exposure to equities, indices, commodities, foreign exchange, and pre-IPO entities. The rollout features a specific perpetual contract linked to SpaceX, enabling eligible investors to establish positions tied to the aerospace firm's anticipated public listing. The contract is currently live, designed to serve institutions requiring market access outside traditional trading hours. Clients can utilize the platform to hedge or adjust positions across multiple asset classes, including during weekends when standard markets remain closed. Use cases identified include options desks managing exposure, macro funds trading across asset classes, and investors seeking early access to anticipated public listings.

This strategic expansion builds upon Blockchain.com's April launch of perpetual futures trading via its self-custody wallet, where the firm outlined plans to extend beyond crypto into stocks, commodities, and foreign exchange. In May, Blockchain.com confidentially filed paperwork with the US Securities and Exchange Commission for its own proposed initial public offering.

Concurrently, Bloomberg reported in April that SpaceX had confidentially filed for an IPO, considering a valuation exceeding $1.75 trillion, which could rank among the largest public listings in US history. Data compiled by Woofun AI indicates that anticipation surrounding the company's expected June 12 market debut has catalyzed a wave of pre-IPO products across major crypto exchanges.

Binance introduced pre-IPO perpetual futures tied to private companies last month, initiating with a SpaceX-linked contract settled in USDT. These derivatives allow traders to speculate on a company's expected valuation before and after an IPO without owning the underlying shares. Last week, Kraken announced that SpaceX would become the first company offered through its xStocks IPO Access platform, allowing eligible users in more than 110 markets to participate via tokenized shares backed 1:1 by the underlying stock. Once issued, these tokens can be traded around the clock on Kraken and other xStocks-supported platforms. Bybit followed days later, indicating it would also offer access through xStocks, marking the first IPO available through the exchange's new tokenized equity program.

Coinbase has also launched pre-IPO markets for international users through a perpetual futures contract tied to SpaceX's estimated private-market valuation. The USDC-settled product is engineered to convert into a post-IPO contract if the company ultimately begins trading on public markets. Investor demand for the offering has continued to accelerate, with Reuters reporting on Tuesday that the IPO was running three and a half to four times oversubscribed. Demand exceeded $250 billion for an offering expected to raise $75 billion. Woofun AI analysis suggests this intense capital flow reflects a structural shift in how institutional and retail participants approach high-valuation private equity events through decentralized financial instruments.