Pre-IPO in Crypto Wallet

Note:

  • Nothing in this article constitutes investment advice. Crypto Wallet provides access to tokenized assets but does not provide investment advice. Participation in a Pre-IPO involves risks, and you are solely responsible for making your own investment decisions. Review the Stocks & ETFs Terms and the Pre-IPO Terms before placing an order.
  • Note that all cryptocurrency-related transactions involve risks.
  • Throughout this article, the terms "stocks" and "ETFs" refer to xStocks — tokenized assets whose value is linked to the price of underlying U.S. stocks and exchange-traded funds (ETFs).

What is an IPO and Pre-IPO

An IPO (Initial Public Offering) is the process by which a company's stock becomes available for public trading on an exchange for the first time.

A Pre-IPO is an opportunity to place an order for such an asset before trading begins on the exchange.

Note: participation in a Pre-IPO does not guarantee profit. Once trading begins, the asset price may either increase or decrease, including immediately after the market opens. In addition, an IPO may be modified, postponed, or cancelled due to market conditions or regulatory requirements.

Throughout this article, the terms "Pre-IPO" and "pre-order" are used interchangeably. The term "order" refers to your request to participate in the pre-order.

How the stock pre-order works

A pre-order (Pre-IPO) allows you to place an order to purchase tokenized stocks before trading begins on the exchange.

To participate, simply specify the amount of USDT you would like to invest. On the listing date, these funds are automatically used to purchase the stocks, which are then credited to your Crypto Wallet balance and become available in the Trade section.

You can review the Terms here.

How to find available Pre-IPOs in Crypto Wallet

You can find available Pre-IPOs in two ways:

  • From the banner on the Main page. If a Pre-IPO is available, a corresponding banner will appear on the Crypto Wallet Main page. Tap it to open the pre-order page.
  • From the Trade section. Open the Trade section and go to the IPO tab, where all available Pre-IPOs are listed. Tap the asset you want to participate in to open its pre-order page.

You can always check Crypto Wallet for the latest available Pre-IPOs.

If the banner is not displayed and the IPO tab is unavailable in the Trade section, Pre-IPOs are not supported in your region. Learn more about the regional restrictions here.

How to place a stock pre-order

Option 1: from the banner on the Main page

  1. On the Crypto Wallet Main screen, tap the Pre-IPO banner.
  2. In the Pre-IPO Access section, you can see the order submission period.
  3. Tap Place Order.
  4. Enter the amount in USDT.
  5. Review the estimated number of stocks.
  6. Tap Review Order and verify the details.
  7. Tap Submit Order.

Option 2: from the Trade section

  1. Open Trade → IPO.
  2. Select the Pre-IPO you want to participate in to open its pre-order page.
  3. On the pre-order page, tap Place Order.
  4. Enter the amount in USDT.
  5. Review the estimated number of stocks.
  6. Tap Review Order and verify the details.
  7. Tap Submit Order.

Once your order is confirmed, the pre-order page will display your order amount with the Order Queued status. Tap it to open the order details page, where you can see the Submitted status, your order amount, the estimated number of stocks, and the submission date.

What is the order pool

The order pool is the maximum total amount that all participants can invest in a Pre-IPO. For example, if the order pool limit is 100,000,000 USDT and participants have already placed orders for the full amount, no new orders can be submitted.

If someone cancels their order, the released amount becomes available again, allowing other participants to join the Pre-IPO.

You can check whether the order pool is open or full on the pre-order page in Crypto Wallet.

What happens to my funds after I place an order

Once you place an order, the specified amount is reserved in your balance and becomes unavailable for other transactions. On the listing date, these funds are used to purchase the stocks, which are then credited to your Crypto Wallet balance.

How much does one stock cost during the pre-order period

To view the estimated stock price:

  1. Open the pre-order page in Crypto Wallet.
  2. Scroll down to the Overview section.
  3. Find the Price Range field.

The final stock price is determined on the listing date.

The pre-order price is not the same as the market price when trading begins. Once the stock is listed, its market price is determined by supply and demand and may change immediately after trading begins.

Is there a fee for participating in the pre-order

Yes. The standard fee is 5% of the order amount. The current fee is always displayed on the pre-order page in Crypto Wallet.

How is the number of stocks calculated

After the fee is deducted, the remaining amount is used to purchase the stocks.

Example:

If you place an order for 100 USDT and the stock price is 50 USDT:

  • the fee is 5% (5 USDT);
  • 95 USDT is used to purchase stocks;
  • you will receive approximately 1.9 stocks at a price of 50 USDT per stock.

In Crypto Wallet, you can buy and hold both whole and fractional stocks. As a result, the number of stocks you receive may not be a whole number.

What do Pre-IPO, order submission closing, and listing mean

Each Pre-IPO goes through several stages.

  1. Pre-IPO Access (order submission period) is the period during which you can place, modify, or cancel your order. The opening and closing dates and times for the order submission period are displayed on the pre-order page in Crypto Wallet.
  2. Order submission closing is the point after which you can no longer place a new order, modify an existing one, or cancel it. Your funds remain reserved until the listing date.

There may be several days between the end of the order submission period and the listing date. This is a normal part of the process. During this time, your order remains in the Submitted status, your funds stay reserved, and no action is required from you.

  1. Listing day is the day when the stocks become publicly available for trading on the exchange. On that day, the funds from your order are automatically used to purchase the stocks, which are then credited to your Crypto Wallet balance and become available in the Trade section.

Note: the listing date is indicative. Trading may begin later than expected or be postponed due to market conditions or regulatory requirements beyond Crypto Wallet's control.

You can always check the timeline for a specific Pre-IPO in Crypto Wallet.

Are there any limits on the order amount

Yes. The minimum and maximum order amounts depend on the specific pre-IPO and are shown in the Crypto Wallet when placing a pre-order.

Can I place multiple orders or change my order amount

You can place only one order per Pre-IPO. If multiple Pre-IPOs are available in Crypto Wallet at the same time, you may participate in each one by placing one order for each offering.

You can also increase your order amount, but only until the order submission period closes. The applicable deadline is displayed in Crypto Wallet for each Pre-IPO.

How to change your order amount

To increase your order amount:

  1. Tap Deposit on your current order.
  2. Enter the amount you want to add.
  3. Confirm the increase.

Once the deposit is complete, you'll see your updated total order amount.

To decrease your order amount:

  1. Cancel your current order.
  2. Place a new order for a smaller amount.

You can only cancel an order in its full amount. It is not possible to cancel just a portion of your order to withdraw your funds.

Please note that once you cancel your order, your spot in the order pool is released and may be taken by another participant. If the order pool is already full or close to being full, you may not be able to place a new order for a smaller amount.

When and how will the stocks appear in my balance

Once you place an order, the pre-order page displays your order amount with the Order Queued status. Tap it to open the order details page, where you'll see the Submitted status. This status remains until the listing date. It means your order has been accepted, your funds have been reserved, and no further action is required.

On the listing date, the stocks will be automatically credited to your Crypto Wallet balance and become available in the Trade section.

Note about stock allocation:

In some cases, the actual number of stocks available for allocation among Pre-IPO participants may be lower than expected — for example, if the issuing company changes the offering terms or if demand exceeds the available supply. In this case, you may receive fewer stocks than requested in your order, and the remaining funds will be returned to your balance in USDT. This is outside Crypto Wallet's control, as allocations are determined by the provider and the issuer.

Is verification required to participate

Yes. To participate in a Pre-IPO, you must complete Basic verification in Crypto Wallet. This is a standard requirement for transactions involving tokenized stocks (xStocks).

If you're already trading Stocks or ETFs in Crypto Wallet, no additional verification is required.

Are there any regional restrictions

Yes. The ability to participate in a Pre-IPO depends on the country and region associated with your Crypto Wallet account. If Pre-IPO is not available in your region, you will not be able to place an order.

You can review the Terms here. We also recommend checking in advance whether Crypto Wallet is available in your region.

How can I cancel my order

Order cancellations are only possible before the order submission period ends. To do so:

  1. Open the pre-order page in Crypto Wallet.
  2. Tap Cancel Order.
  3. Confirm the cancellation.

If you cancel your order, the full order amount will be returned to your balance. Partial withdrawals are not available.

Once the order submission period has ended, your order can no longer be cancelled, even if the listing date has not yet arrived. During this period, your order is being processed and can no longer be modified.

Will the fee be refunded if I cancel my order

Yes. If you cancel your order, the full order amount, including the fee, will be returned to your balance.

Will I be able to buy more stocks after trading begins

Yes. Once trading begins, stocks previously offered through the Pre-IPO will become available in the Stocks & ETFs section of Crypto Wallet, just like any other tokenized asset. You'll be able to buy, sell, and hold them as usual.

Unlike a pre-order, purchases made after trading begins are executed at the current market price. This price may be higher or lower than the pre-order price.

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