A MarsBit market analysis examined a new form of “IPO-style subscription” on crypto exchanges and described two routes for retail investors seeking participation in IPO opportunities connected to private technology giants such as SpaceX. The article divided the approaches into Plan A and Plan B: Plan A relied on tokenized subscription, while Plan B used listed or registered investment vehicles to provide indirect ownership exposure.
Plan A failed because the underlying shares were unavailable
According to the article, the central weakness of Plan A was that intermediaries could not obtain the underlying shares. Without actual shares to back the product, the tokenized subscription route failed. In practical terms, if an intermediary cannot secure real equity in a private company such as SpaceX, the tokenized product cannot be matched to the asset it claims to represent.
Plan B takes a different path by avoiding direct competition for IPO allocations. The article cited treasury-style individual stocks such as ORBS and registered private funds such as DXYZ, ARKVX and VCX. Through these vehicles, retail investors can indirectly hold equity exposure to companies including OpenAI, SpaceX and Anthropic. The article also noted that although this route avoids allocation battles, investors still face premium, fee and liquidity risks.