Techub News, citing Bitcoinist, reported that cryptocurrency exchange Kraken has announced the launch of Pre-IPO perpetual contracts for OpenAI and Anthropic. According to the exchange, the products allow eligible traders to take both long and short positions before the two companies go public, with leverage of up to 5x.
Pricing Differs From Standard Crypto Perpetuals
Unlike traditional cryptocurrency perpetual contracts, these Pre-IPO instruments are based on equity in private companies rather than continuously traded public crypto assets. Because the underlying companies are not listed, the products do not rely on a continuous and transparent market price in the same way as standard crypto perpetuals.
The valuation of such contracts depends on factors including funding rounds, secondary market transactions and the expected timing of an IPO. Kraken said these contracts carry special risks linked to private-company valuations, liquidity and listing schedules. For traders, the structure, leverage and pricing basis are therefore different from those of common crypto perpetual contracts.