A MarsBit market analysis examines a new form of “IPO subscription” activity linked to crypto exchanges, focusing on how retail investors can approach IPO-related opportunities involving private technology giants such as SpaceX. The article separates the available routes into two plans: Plan A, based on tokenized subscription, and Plan B, based on indirect exposure through selected stocks and registered private funds.
According to the article, Plan A failed because the intermediary was unable to secure the underlying shares. Without access to real shares of the private company, a tokenized subscription product could not effectively represent exposure to companies such as SpaceX. The failure of this route shows that tokenization alone does not solve the requirement for ownership or allocation of the underlying equity.
Plan B instead uses treasury-style individual stocks and registered private funds. The examples cited include ORBS as a treasury-style stock, along with DXYZ, ARKVX and VCX as registered private funds. Through these products, retail investors can indirectly hold equity exposure to companies including OpenAI, SpaceX and Anthropic. This route avoids direct competition for IPO allocations, but the article notes that it still involves premium, fee and liquidity risks.