Binance released a single image today to help you understand [PRE-ACCESS].
PRE-ACCESS really is an important product. It enables ordinary people to, for the first time, access the Pre-IPO market—previously only available to venture capitalists and high-net-worth clients—through on-chain means.
If you’re familiar with on-chain wallets, can understand the SPV structure, token terms, valuation metrics, and settlement conditions, and are willing to bear the risk of losing all principal, then you can participate with a small amount of funds.
For retail investors with small capital, I think it’s something you can research, but it’s not suitable to treat as a stable investment, and definitely not for a large position.
As for a company’s VC investment—it’s originally a matter of life-or-death. It’s not something “professional investors” should avoid. Don’t do what people who’ve been badly hurt by professional investing do.
The biggest risks of PRE-ACCESS are:
First, valuation risk.
Unlisted companies don’t have continuous public quotes. The subscription price may differ greatly from the previous round’s financing price, employee equity transfer prices, or the expected valuation at the time of IPO. So “early participation” doesn’t necessarily mean you’re getting it cheap.
Second, liquidity risk.
After you receive the tokens, there may not be someone ready to buy them from you at any time. Even if the company successfully lists, the token may still trade long-term below the true share price due to lock-up periods, trading restrictions, and settlement costs.
Third, repayment/settlement risk.
A company going public doesn’t mean the token automatically becomes stock. Whether and when tokens can be converted, and at what ratio, depends entirely on third-party agreements. The official side has even clearly stated that conversion and settlement may be delayed, restricted, or potentially not feasible at all.
#币安PreAccess
PRE-ACCESS really is an important product. It enables ordinary people to, for the first time, access the Pre-IPO market—previously only available to venture capitalists and high-net-worth clients—through on-chain means.
If you’re familiar with on-chain wallets, can understand the SPV structure, token terms, valuation metrics, and settlement conditions, and are willing to bear the risk of losing all principal, then you can participate with a small amount of funds.
For retail investors with small capital, I think it’s something you can research, but it’s not suitable to treat as a stable investment, and definitely not for a large position.
As for a company’s VC investment—it’s originally a matter of life-or-death. It’s not something “professional investors” should avoid. Don’t do what people who’ve been badly hurt by professional investing do.
The biggest risks of PRE-ACCESS are:
First, valuation risk.
Unlisted companies don’t have continuous public quotes. The subscription price may differ greatly from the previous round’s financing price, employee equity transfer prices, or the expected valuation at the time of IPO. So “early participation” doesn’t necessarily mean you’re getting it cheap.
Second, liquidity risk.
After you receive the tokens, there may not be someone ready to buy them from you at any time. Even if the company successfully lists, the token may still trade long-term below the true share price due to lock-up periods, trading restrictions, and settlement costs.
Third, repayment/settlement risk.
A company going public doesn’t mean the token automatically becomes stock. Whether and when tokens can be converted, and at what ratio, depends entirely on third-party agreements. The official side has even clearly stated that conversion and settlement may be delayed, restricted, or potentially not feasible at all.
#币安PreAccess
