Binance opens pre‑IPO token trading

Binance has added pre-initial public offering tokens to its Web3 Wallet, putting five private-company-linked assets inside the app’s Markets tab. (binance.com) Binance Wallet said on April 10 that the “first batch of 5 assets” is now visible in the Wallet view of the Binance app. Binance’s own how-to pages also describe these products as “Pre-IPO (Derivatives)” bought through the Web3 Wallet rather than on Binance’s main exchange. (binance.com 1) (binance.com 2) The names circulating with the launch include SpaceX, OpenAI, Anthropic, Anduril, Kalshi, and Polymarket, according to PreStocks, the Solana-based issuer whose tokens are being surfaced through Binance Wallet. PreStocks’ product pages list SpaceX and OpenAI and describe the tokens as tradable around the clock. (prestocks.com 1) (prestocks.com 2) (prestocks.com 3) These tokens are not ordinary shares. PreStocks says they “track the price” of private companies and are “fully backed by SPV exposure,” meaning investors are buying a token tied to a special-purpose vehicle that holds the economic exposure, not stock registered directly in the buyer’s name. (prestocks.com) (binance.com) PreStocks also says the tokens do not give holders ownership, voting, dividend, information, or inspection rights. BeInCrypto reported that the products are unavailable to United States persons, a limit that sharply narrows who can actually use Binance’s new in-app discovery feature. (cryptoadventure.com) (beincrypto.com) The pitch is simple: private-company investing has usually been reserved for venture funds, family offices, and accredited investors trading in secondary markets. Tokenized wrappers try to turn that slow, paperwork-heavy market into something that looks more like a crypto asset, with wallet-based access and 24-hour trading. (theconversation.com) (prestocks.com) Binance is making that move as tokenized real-world assets keep growing. RWA.xyz says the tokenized asset market reached $27.65 billion in early April 2026, with tokenized equities nearing $1 billion, though Treasuries still make up the largest share of the market. (rwa.xyz) (app.rwa.xyz/news) (binance.com) The risks are also familiar. A March 2026 case involving Fundrise Innovation Fund, which holds stakes in private companies including OpenAI and SpaceX, showed how hard-to-access private-market exposure can trade at extreme premiums: the fund debuted at $31.25 on March 19 and hit $575 by March 25 before falling sharply after a short report. (binance.com) Other crypto platforms are chasing the same trade. Bitget launched a SpaceX-linked “IPO Prime” product this week, and Injective had already rolled out pre-initial public offering futures tied to private companies months earlier. (cryptobriefing.com) (coincentral.com) For now, Binance has not published a detailed public explainer in the materials surfaced here on how each token maps to underlying shares, what redemption rights exist, or which jurisdictions are fully supported. What Binance has confirmed is narrower and still significant: as of April 10, private-company-linked pre-initial public offering tokens are now a visible product inside Binance Wallet. (binance.com)