區塊客

作者：Jae，PANews

當 SpaceX 、 OpenAI 、 Anthropic 等全球頂級獨角獸開始出現在幣安 Web3 錢包的資產清單裡時，一場關於「Pre-IPO 紅利」的爭奪戰，已經從矽谷 VC 的會議室轉移到了加密交易所的訂單簿上。

私募股權市場與加密金融的邊界正在加速消融。從幣安的 Pre-IPO 資產上線，到 Bitget 的美股 IPO 認購，再到 Gate 的 Pre-IPO 股票盤前合約，三大加密交易所以截然不同的路徑，集體搶灘 Pre-IPO 賽道。

對一般投資人而言，這意味著：過去只有家辦、私募才能拿到的稀缺份額，現在用幾百美元就能上車。

當傳統股權遇上區塊鏈，一場橫跨兩個金融市場的資產雙重奏，已然奏響。

Pre-IPO 賽道「三國殺」，幣安錢包吸流量、 Bitget 重合規、 Gate 上槓桿

PANews 觀察到，各大加密交易平台切入 Pre-IPO 賽道的路線大相徑庭，沒有統一範本，形成了鮮明的三大主要流派，各自在這一領域佔據著獨特的卡位。

或是出於合規考慮，幣安沒有選擇直接在交易所內上幣，而是把棋局佈在了錢包。

幣安錢包上新了 5 個 Pre-IPO 標的，涵蓋 SpaceX 、 OpenAI 、 Anthropic 、 Anduril 以及 xAI 等目前全球科技圈最炙手可熱的 5 家明星公司。

不過，幣安錢包只是流量入口和交易入口，資產的發行方實際上是 Solana 鏈上的代幣化協議 PreStocks 。

整套模式的邏輯是 SPV（特殊目的載體）股權代幣化。 PreStocks 透過建立一系列 SPV 來持有底層公司的股權，再根據股權的價值以 1:1 的比例鑄造為映射代幣，最終上線到幣安錢包。

對用戶而言，這套模式將傳統私募股權市場動輒數十萬美元的進入門檻降到了數十美元，實現了真正意義上的碎片化投資。

對幣安而言，這卻是用錢包入口搶跑 Pre-IPO 賽道的先手棋，把股權資產變成加密用戶的標配資產，提供自身商業生態內的資產多樣性，進一步吸引或轉化更多的用戶。

與幣安專注於錢包端不同，Bitget 走上了一條相對更合規的路，其推出了專屬平台「IPO Prime」，首發資產是馬斯克旗下公司 SpaceX 的股權代幣 preSPAX，由持牌數位證券發行商 Republic 提供支援。

Republic 發行 preSPAX 代幣的邏輯則更接近「債務融資」，其優勢在於嚴格的法律框架。 preSPAX 代幣雖然不賦予持有者直接的投票權和分紅權，但它是基於 Reg S 條例發行的受監管資產，且被定義為一種與其底層資產未來 IPO 表現掛鉤的結構性票據。

Bitget 也把加密市場和股票市場的「打新」策略引進了代幣化股權投資。用戶依 VIP 等級獲得階梯式的認購額度，且支援穩定幣 USDT 和 USDGO 直接認購，無需繁瑣的法幣兌換就能取得 SpaceX 的曝險。

Gate 另闢蹊徑，選擇了衍生性商品化定價路線，首發上線了 SpaceX Pre-IPO 股票盤前合約，以 USDT 結算、支援 1-10 倍槓桿。

這款產品不涉及真實的股權流轉，本質上是對 SpaceX 上市後估值的價格發現與市場化博弈。這一模式的意義在於，它為尚未 IPO 的獨角獸提供了一個公開的即時估值參考系。

由於私人企業的估值通常是低頻且不透明的，Gate 的盤前合約允許投資者根據公司的最新進展或市場情緒對 SpaceX 的價值進行即時定價。這種「合成資產」屬性為加密原生用戶提供了一種高資本效率的參與方式。

不過，Pre-IPO 資產本身波動性極高，Gate 的 10 倍槓桿無疑是一把雙面刃。

私人公司的估值可能由於一條傳聞就產生劇烈的波動。在 10 倍槓桿下，這意味著大面積的散戶爆倉，或將導致加密市場出現非理性的連鎖反應。

另外，代幣化股票交易平台 StableStock 則開始支援用戶透過穩定幣參與港股 IPO 打新。

Pre-IPO 資產一體兩面，財富「平權」但權益缺位

Pre-IPO 資產交易不只加密市場的金融創新，更在悄悄改寫財富分配的底層邏輯。

曾經，SpaceX 私募市佔率是矽谷頭部 VC 、主權財富基金、億萬富豪的專屬。 2 月，其估值就已高達 1.25 兆美元，當下的 IPO 目標估值更是超 2 兆美元。散戶如果想分享 SpaceX 的成長紅利，必須等到 IPO 之後，而那時大部分的估值漲幅早已被機構瓜分殆盡。

而現在，即便是只有 100 美元的學生，也能夠以 1.5 兆美元的估值（Bitget 提供的產品估值）入場。股權代幣化把科技成長紅利從矽谷的小圈平權到了每個普通用戶手中。

無論是鏈上交易，還是盤前合約，都讓 Pre-IPO 資產的估值從「資訊黑箱」變成「定價訊號」。當大量資金對 SpaceX 進行交易時，其產生的價格回饋可以反哺主義傳統金融市場，為 LP 估值提供更精準的數據參考，從而終結私募市場的資訊壟斷。

穩定幣不再只是加密市場的「投機籌碼」。用戶透過穩定幣交易 Pre-IPO 資產，穩定幣也將隨之變成跨國股權交易的生產力工具，深度綁定實體經濟，向全球金融「交易媒介」演進。

然而，在光鮮亮麗的敘事背後，股權代幣化仍踩在結構性風險的懸崖邊，每一步都暗藏危機。

目前，所有 Pre-IPO 產品最大的硬傷就是，Pre-IPO 代幣持有者都被不賦予股東身分、投票權、董事會席次。

加密分析師 Phyrex 指出，現階段的 Pre-IPO 產品本質上都是 SPV 鏡像。用戶信任的不是 SpaceX，而是發行商的信用。

如果底層公司在上市前發生大規模重整、破產清算或發起惡意的反稀釋條款，代幣持有者幾乎沒有法律維權路徑。

另外，即便 PreStocks 是在 Solana 鏈上運行，但其資產背書的真實性仍係於鏈下的 SPV 管理人。如果管理人發生內線操作、挪用資產或遭遇當地監管的實體查封，任何鏈下的物理風險都可能直接掐斷鏈上流動性，去中心化只是表象。

值得警惕的是，為規避 SEC 的監管，大多數 Pre-IPO 產品都限制了美國用戶的參與。然而，隨著 Pre-IPO 資產的擴張，監管機構可能會重新定義這類資產的法律屬性。未來，如果監管要求代幣化股權必須遵循完整的 IPO 合規流程，那麼目前的產品優勢將成為合規枷鎖。

加密市場陷「資產荒」，引入 Pre-IPO 資產捕獲成長紅利

這輪 Pre-IPO 熱潮背後對應著加密市場的「資產荒」。隨著全球進入新的一輪產業週期，各大 AI 獨角獸紛紛傳出上市計劃，融資活動進行得如火如荼。

投資人也開始追求具有更高 Beta 的成長型資產。 SpaceX 等處於 AI 浪尖的 Pre-IPO 資產本質上就是一種具有極高賠率的「長期看漲選擇權」。

因此，交易所陸續引入 Pre-IPO 標的是在為加密市場補充具有實體生產力支撐的高成長股權。而資產端的多元化也將讓加密產業進一步淡化投機屬性，平滑市場的週期性劇震。

不過，傳統 Pre-IPO 交易的痛點在於結算週期長且流程不透明。代幣化技術透過鏈上原子結算將股權轉讓時間從數週縮短至秒級。雖然法律確權仍需鏈下時間，但鏈上經濟權益的即時流轉正在模擬類似二級市場的流動性，從而提高獨角獸股權估值的定價效率。

Bitget 提出的「通用交易所」（Universal Exchange），實則道出了所有加密交易所的野心：不再只做加密貨幣交易撮合，而是成為用戶配置加密貨幣、股票、股權、債券、大宗商品的統一入口。

Pre-IPO 資產是最適合交易所的引流利器。透過引入這類稀缺資產，交易所能將那些對 AI 股權有興趣的傳統用戶轉化為加密用戶。

對投資人而言，參與這場盛宴的關鍵在於辨識出「虛假的空氣憑證」。在波諦雲詭的金融市場中，底層資產的真實性是永恆的錨點。

代幣化股權把科技發展的紅利透過穩定幣傳遞到全球每個角落。在監管與創新的博弈中，一個更透明、更有效率、更平權的全球股權交易體係正依託在區塊鏈上悄悄成型。

（以上內容獲合作夥伴 PANews 授權節錄及轉載，原文連結  ）

〈加密交易所搶灘 Pre-IPO 資產：SpaceX 的股權，現在可以用穩定幣買了〉這篇文章最早發佈於《區塊客》。

Author: Fenrir, Crypto City

The last-minute legislative sprint, 4/13~4/20 becomes a crucial watershed

Traditionally seen as a "crypto-friendly faction," U.S. Republican Senator Cynthia Lummis recently issued a stern warning on social platform X, pointing out that this is the last chance to pass the (CLARITY Act). She made it clear that if Congress fails to complete legislation before the 2026 midterm election cycle, the regulatory framework for the U.S. digital financial industry will face a stagnation period of up to 4 years, possibly delaying until 2030.

Image source: X/@SenLummis ｜ Cynthia Lummis stated that if Congress fails to complete legislation before the 2026 midterm election cycle, the regulatory framework for the U.S. digital financial industry will face a stagnation period of up to 4 years

At the beginning of this week, analysts are unanimously bullish on Bitcoin's future, and the market trend indeed confirms their optimistic expectations. Bitcoin today (14) broke through the $74,000 mark, setting a new high in nearly a month.

Is this rebound a flash in the pan, or the prelude to a return of the bull market? As Bitcoin's upward momentum continues to ferment, the battle between bulls and bears in terms of chips and technical indicators is quietly heating up, with the market focusing on these four key price levels.

$75,000: The 'pressure release point' that ignites volatility

In the current market, $75,000 is undoubtedly the most critical price defense line, tied to the massive derivatives layout and market makers' hedging operations.

The obscure token $RAVE unexpectedly broke through, landing in the top tier of cryptocurrency market capitalization, instantly sparking market discussions. Accompanied by unusual trading patterns, an extremely concentrated chip structure, and erratic market momentum, various parties are striving to piece together clues to uncover the behind-the-scenes truth of $RAVE's soaring market.

As the native token of the decentralized organization RaveDAO, $RAVE has delivered an astonishing increase of over 6,000% in the past month. This is not only the most explosive surprise trend in the cryptocurrency world this year but has also reignited heated debates about the 'cryptocurrency speculation bubble.'

Taiwan's cryptocurrency exchange HOYA BIT announced the official launch of its AI trading entry "AI Native Exchange OS," along with the simultaneous release of function IP "Jinbao." The first version integrates six core functions, covering deposit guidance, real-time currency pricing and market trends, personal asset overview, flash exchange and recurring order placement, daily coin purchase and historical backtesting, as well as price notification settings and order inquiries, allowing users to complete multiple common operations through natural language, reducing the complex process of switching between different pages.

HOYA BIT founder Peng Yunxian stated: "The cryptocurrency market is highly volatile, with a large amount of information, and operates 24 hours a day. What users truly lack is often not more tools, but the ability to obtain information faster, understand options, and complete operations when they need to make a judgment. What we hope to achieve is not an AI feature added to the exchange, but to make AI a new operational entry point for the exchange. HOYA BIT becoming the first cryptocurrency exchange in Taiwan to enable trading through natural language is aimed at allowing more users to participate in the virtual asset market more intuitively without having to first learn a complicated interface. Effectively improving the accuracy and trust of user operations is what will truly advance inclusive finance forward."

According to an announcement released on Monday, Bitmine Immersion Technologies (stock code: BMNR) increased its holdings by 71,524 Ethereum last week. After the latest round of increase, Bitmine's holdings have risen to 4.87 million coins, accounting for approximately 4.04% of the total Ethereum supply.

If estimated at a market price of $2,206 per coin, Bitmine's Ethereum holdings are worth up to $10.7 billion, making it the largest Ethereum reserve company in the world, and the second largest cryptocurrency reserve company after Strategy (which holds approximately 766,970 BTC, valued at about $54.5 billion).

According to the 8-K report submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, Bitcoin reserve giant Strategy (stock code: MSTR) spent approximately $1 billion to acquire 13,927 Bitcoins at an average price of $71,902 from April 6 to 12. This also marks the company's fourth-largest weekly purchase record this year.

Strategy co-founder and Executive Chairman Michael Saylor pointed out that after this round of purchases, the company's Bitcoin holdings have reached 780,897 coins. Based on the Bitcoin supply cap of 21 million coins, Strategy has now acquired over 3.7% of all Bitcoins in circulation.

The U.S. SEC stated on Monday that under specific conditions, user interfaces (UI) that allow users to operate crypto wallets and conduct transactions may be exempt from registration as broker-dealers.

The U.S. SEC's Division of Trading and Markets issued a staff statement on Monday explaining the user interfaces related to crypto assets. However, the agency also emphasized that this document is not formal rules or regulatory guidance with legal effect. The U.S. SEC stated:

After U.S. President Donald Trump ordered the blockade of the Strait of Hormuz, the S&P 500 index rose slightly, prompting Bitcoin to return to the $74,000 mark. With strong capital inflows into the Bitcoin spot ETF and Strategy (U.S. stock code: MSTR) continuing to accumulate coins, market confidence is gradually warming up. However, does this rebound mean that the 'bear market' has ended?

Data shows that during the period from last Thursday to Friday, the U.S. Bitcoin spot ETF attracted $615 million, successfully reversing the outflow trend of the previous two days. At the same time, Strategy also announced that it spent $1 billion to purchase 13,927 bitcoins over the past week.

Author: MAX, Crypto City

Asset security under quantum threat: Survival challenges faced by existing encryption technologies

The elliptic curve digital signature algorithm (ECDSA) that Bitcoin currently relies on, along with Schnorr signatures, faces potential threats from powerful quantum computers in the future. If quantum computers can run Shor's Algorithm, they will have the ability to break existing encryption technologies, allowing attackers to derive private keys from publicly available blockchain information and steal funds.

The developer community has discussed this risk for many years and previously proposed an extreme 'emergency brake' upgrade plan to defend against attacks by disabling the existing signature system. However, this protective measure has side effects, causing users who have not migrated their funds to be locked out of the system, resulting in millions of wallets (including modern Taproot wallets) having their funds permanently locked due to a lack of backup validation methods.

Author: MAX, Crypto City

Bessent wrote to the Wall Street Journal, warning that the U.S. financial leadership is under threat.

U.S. Treasury Secretary Scott Bessent recently published a commentary in (The Wall Street Journal), issuing a stern call to Congress to expedite the passage of the (Digital Asset Market Clarity Act).

Bessent pointed out that the United States has long shaped the standards of global financial markets through clear rules and adaptability to innovation, and this leadership is currently under challenge. He warned that if Congress continues to delay on regulatory legislation, the U.S. will lose its dominance in digital finance, and a large number of developers and exchanges are currently observed to be moving towards regulatory-friendly jurisdictions like Abu Dhabi and Singapore.

Cryptocurrency attacks are rampant, but cases like this one of 'taking big risks for small profits' are indeed rare. Earlier today (13), a hacker exploited a vulnerability in the Hyperbridge cross-chain bridge to mint 1 billion Polkadot (DOT) tokens out of thin air on Ethereum, with a nominal value reaching 1.19 billion USD. However, when he attempted to sell these tokens, he found himself severely lacking in liquidity and ultimately only exchanged them for about 237,000 USD worth of Ether.

It is important to clarify that the target of the hacker attack was the 'cross-chain bridge smart contract', so the native DOT tokens on the Polkadot mainnet were not affected. The root cause of this vulnerability was that the EthereumHost contract of Hyperbridge failed to properly verify the authenticity of the messages before relaying cross-chain messages to the TokenGateway.

Since Bitcoin broke through the 70,000 USD mark last week, the market is once again facing the familiar old problem: profit-taking selling pressure has surged like a tide, becoming the biggest stumbling block to the bulls' counterattack.

According to blockchain analysis firm Glassnode, more than 20,000,000 USD worth of Bitcoin is being sold off every hour:

Whenever the price approaches the range of 70,000 USD to 80,000 USD, it encounters the dual pressures of thin liquidity and profit-taking, causing the rebound momentum to be repeatedly extinguished. The recent surge past 70,000 USD has also been completely consumed by the wave of over 20,000,000 USD being sold off every hour.

Investment bank TD Cowen significantly lowered the target price for Bitcoin investment giant Strategy (stock code: MSTR) from the original $440 to $350, a decrease of 20.5%, but still maintains a 'buy' rating. At the same time, TD Cowen also began tracking 4 smaller cryptocurrency reserve companies, all of which received a 'buy' rating.

Pessimistic about Bitcoin's short-term explosive potential, the Strategy target price was severely downgraded.

TD Cowen analysts Lance Vitanza and Jonathan Navarrete pointed out in their report that the downgrade of the Strategy target price mainly reflects the simultaneous reduction of both 'expected Bitcoin price' and 'valuation multiple of expected earnings from Strategy Bitcoin'.

Once the biggest financier, now he has become the fiercest critic. Justin Sun, the founder of Tron, publicly accused World Liberty Financial (WLFI) of hiding a "blacklist backdoor" in the token's smart contract, which could freeze or even confiscate user assets without notice or reason. In response, WLFI quickly countered, and the two sides erupted in a war of words on social media, even threatening to go to court.

Justin Sun posted on platform X yesterday (12), accusing this DeFi project supported by the Trump family of secretly deploying a "blacklist backdoor function" in the WLFI token's smart contract. He wrote that this function grants the project party the power to "unilaterally freeze, restrict, or even confiscate any token holder's assets without prior notice or any reason, and investors have no channels for complaints."

The Apple App Store, known for its strict review process, has surprisingly become a breeding ground for cryptocurrency scams? Recently, American musician G. Love inadvertently downloaded a counterfeit Ledger application, resulting in nearly 6 bitcoins being hacked away, with losses amounting to $424,000.

Counterfeit App is rampant

Musician G. Love, whose real name is Garrett Dutton, posted on social media platform X on April 11, expressing his sorrow over the financial disaster. At the time, he was preparing to set up his Ledger cold wallet on a brand new Apple computer, so he searched for the companion software 'Ledger Live (which was renamed to Ledger Wallet last October)' on the Mac App Store and downloaded an application that looked almost identical, following the prompts on the interface.

With the breakdown of peace talks between the U.S. and Iran, Trump is considering blocking the Strait of Hormuz and resuming military strikes against Iran, escalating geopolitical tensions. The cryptocurrency market immediately saw a surge in hedging sell pressure, with Bitcoin briefly breaking the $71,000 barrier, wiping out the optimism brought by last week's 'ceasefire expectations'.

According to CoinGecko quotes, Bitcoin has fallen 2.6% in the past 24 hours, reaching $71,093, with a low of $70,617.48 this morning (13); Ethereum also plunged 3.6% to $2,202; Ripple (XRP) fell 2%; Solana (SOL) dropped 3.25%.

Author: Fenrir, Crypto City

Clarification of regulations drives financial giants to pivot, the competition for financial holding company mergers and acquisitions of VASPs officially begins.

As the Financial Supervisory Commission plans to officially implement the Virtual Assets Service Act in 2026, Taiwan's financial sector is experiencing an unprecedented wave of transformation. The acceleration of this specialized law provides a clear compliance path for traditional financial institutions to enter the cryptocurrency market. Observing the current market context, financial holding groups have shifted from merely acting as payment agents to seeking acquisition strategies with dominant power.

Fubon Group has demonstrated exceptional strategic foresight by establishing Fusheng Digital (TWEX Taiwan's Major Virtual Asset Exchange) through its subsidiary Taiwan Mobile (3045), with the platform set to officially launch in May 2025. This year, Mastercard signed a memorandum of understanding with Fusheng Digital to fully advance on-chain transfers and cryptocurrency payment applications, becoming the most deeply entrenched financial holding power in Taiwan. This model, combining the telecommunications giant with financial resources, shows traditional enterprises' strong desire for a foothold in the digital asset landscape.

Author: Jae, PANews

Compared to the external pressures of the bear market, Aave faced an internal 'black swan' first.

Aave, which has long dominated the lending protocol throne, is experiencing the most severe ecological turbulence since its inception. There are no hacker attacks, no code vulnerabilities, only power loss of control and conflicting interests.

From the resolute departure of technical pillar BGD Labs, to the public breakup of governance pioneer ACI (Aave Chan Initiative), and then to the official announcement of severing ties by risk management steward Chaos Labs, a 'mass withdrawal' of service providers is unfolding.

The depth of this game far exceeds that of the cooperation dispute; it triggered the ultimate paradox of DAO (Decentralized Autonomous Organization): the conflict between the founder's will and decentralized governance, the contradiction between long-termism in agreements and short-term capital profit-seeking, as well as the balance between decentralized faith and centralized efficiency in blue-chip agreements during the stage of scalable expansion.

Author: Nancy, PANews

The true identity of Satoshi Nakamoto remains a mystery that has persisted for 17 years in the crypto world. Speculation surrounding this pseudonym has never ceased, with various candidates from cryptographers to company founders making appearances, yet there has always been a lack of definitive evidence.

Recently, the (New York Times) published a ten-thousand-word investigation, conducting multiple comparisons based on language style, technical pathways, and historical context, naming Blockstream CEO Adam Back as the most likely candidate for Satoshi Nakamoto. However, this claim was quickly denied by the individual himself, and the related arguments have been widely questioned within the industry for their validity.