Bitget Wallet Research has published a review of Bitget Wallet’s failed participation in a SpaceX tokenized IPO subscription. The article frames the case as a first lesson for on-chain IPO subscriptions, emphasizing that the central issue was not simply the on-chain process, but the centralized allocation mechanism embedded in the traditional financial system.
According to the review, tokenized channels can lower the participation threshold, improve distribution efficiency and make refunds more transparent. These features can make the subscription process closer to a crypto-native experience. However, the article states that tokenization does not change the right to allocate primary-market quotas, which remains controlled by the existing placement framework.
The article also compares Pre-IPO perpetual contracts as an alternative route. Bitget Wallet Research describes this structure as offering price discovery value and greater flexibility. In contrast with on-chain subscriptions that still depend on quota allocation, the Pre-IPO perpetual contract path places more emphasis on trading structure and market pricing.