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SpaceX's crypto-traded IPO was sharply falling. It now points upward to a $2.4 trillion valuation
Key takeaways
- Open interest stood near $216 million, with 24-hour volume above $150 million on Hyperliquid.
- Hyperliquid's SPCX does not give holders SpaceX shares, allocation rights or any claim on the company.
- Blockchain-based prediction markets have recently emerged as the go-to-place for investors to bet on the SpaceX IPO, offering a decentralized alternative to traditional pre-IPO markets.
The contract traded between about $176 and $183 on Friday morning, up from a low near $153 earlier this week and above the roughly $157 level seen when CoinDesk wrote Wednesday that crypto traders were marking down the expected IPO pop.
Open interest stood near $216 million, with 24-hour volume above $150 million on Hyperliquid. Open interest refers to the dollar value of active, or open, contracts.
Hyperliquid's SPCX does not give holders SpaceX shares, allocation rights or any claim on the company. It is a cash-settled derivative. But because SpaceX priced its IPO at a fixed $135 a share, it has become one of the few live markets showing where traders think the stock could open.
Article preview — originally published by CoinDesk. Full story at the source.
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