Blockchain.com Adds 24/7 Perpetuals, Launches SpaceX Pre-IPO Trading

Blockchain.com has expanded its institutional offerings with the launch of 24/7 perpetual trading via its OTC desk, allowing clients to trade stocks, commodities, forex, and pre-IPO contracts around the clock. A key highlight of the rollout is a SpaceX-linked perpetual contract, giving eligible investors exposure to the aerospace giant ahead of its anticipated public listing.

The new service is designed for institutions seeking continuous market access outside traditional trading hours, including weekends. With this launch, Blockchain.com aims to cater to options desks managing exposure, macro funds trading across asset classes, and investors speculating on prominent IPOs such as SpaceX.

Why SpaceX Pre-IPO Trading Matters

SpaceX, reportedly targeting a $1.75 trillion valuation, is on track to become one of the largest IPOs in U.S. history. Anticipation around its expected June 12 debut has spurred demand for pre-IPO trading products across the crypto sector. Blockchain.com’s SpaceX-linked perpetual contract joins a growing list of similar offerings from competitors like Binance, Kraken, and Coinbase, each looking to capture institutional and retail interest in speculative pre-IPO exposure.

These contracts allow traders to speculate on a company’s valuation without owning the underlying shares. Blockchain.com’s product complements its broader strategy to integrate traditional asset classes into its crypto ecosystem, following its April launch of self-custodied perpetual futures trading powered by Hyperliquid.

Strategic Expansion into Institutional Markets

Founded in 2011, Blockchain.com has transitioned from primarily serving retail crypto users to building a robust institutional infrastructure. Approximately 60% of its revenue now comes from institutional and brokerage services. The firm’s latest perpetual trading launch reflects its commitment to capturing a larger share of the institutional market, where demand for derivatives-led price discovery and risk management tools continues to grow.

This move also aligns with Blockchain.com’s regulatory progress. The company gained FCA registration in the UK earlier this year and filed confidential IPO paperwork with the U.S. SEC in May. These steps position Blockchain.com to scale its offerings while addressing compliance for institutional clients in key markets.

Competition Heats Up in Pre-IPO and Perpetual Markets

Blockchain.com is not alone in targeting pre-IPO trading as a growth area. Binance, Kraken, and Coinbase have all introduced SpaceX-linked products recently. Kraken and Bybit, for instance, offer tokenized shares through their xStocks platforms, while Binance’s USDT-settled perpetual futures provide a simpler derivative option. Coinbase has also launched a perpetual futures contract tied to SpaceX’s valuation, designed to transition into a post-IPO product upon listing.

The market demand is evident: Reuters recently reported that SpaceX’s IPO is oversubscribed by 3.5 to 4 times, with investor interest exceeding $250 billion for an offering expected to raise $75 billion. Blockchain.com’s entry into this crowded space underscores its ambition to remain competitive in high-demand institutional trading segments.

What’s Next?

Blockchain.com’s focus on derivatives and pre-IPO markets signals a clear pivot toward institutional growth as it prepares for its own IPO. With SpaceX expected to go public on June 12, trading activity in related contracts could serve as a litmus test for the platform’s ability to attract institutional interest. For traders, the 24/7 access to perpetuals opens new opportunities to manage positions across asset classes without being constrained by traditional market hours.

For now, all eyes are on Blockchain.com’s ability to balance innovation with regulatory compliance as it expands its footprint in the increasingly competitive institutional trading space.

Image source: Shutterstock