#bstockscis
Stop—how is the price set for $SPCXB at all, if SpaceX is a private company and is not traded publicly anywhere? I got stuck on this question for half an hour.
It turns out the mechanism is clever: during business hours, the price for $SPCXB is pulled via on-chain oracles that reference data from a private secondary market (the same world as pre-IPO platforms, but applied to SpaceX). And on weekends and holidays, it switches to a separate secondary-market valuation, because there is no “official” market close for a private company—there’s nothing to close.
And here’s another twist: perpetual futures for SpaceX on Binance are the exchange’s second-largest traded derivatives overall, right after Bitcoin. That means a significant portion of the “pricing” for a private company literally flows through crypto derivatives, not through some traditional exchange in the way it works for normal public bStocks like $NVDAB .
And yes, this isn’t the first attempt. Binance and Bybit tried to launch SpaceX tokens earlier through a provider called xStocks, but they shut it down because it couldn’t actually provide tokens backed by the underlying shares.
@BinanceCIS