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 are IPO and Pre-IPO

An IPO (Initial Public Offering) is the process through which a company's stocks become publicly available for trading on a stock exchange for the first time.

A Pre-IPO allows you to place an order to purchase such an asset before it begins trading on the exchange.

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

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 does a pre-order work

A Pre-IPO allows you to place an order to purchase tokenized stocks before they begin trading on the exchange.

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

You can review the Terms here.

How to find available Pre-IPOs in Crypto Wallet

You can find currently available Pre-IPOs in two ways:

  • From the banner on the home screen. If a Pre-IPO is available, a dedicated banner will appear on the Crypto Wallet home screen. Tap it to open the pre-order page.
  • From the Trade section. Open Trade → Stocks & ETFs and select the asset you're interested in. If a pre-order is available, you'll see a Pre-IPO section on the asset page with the Place Order button.

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

If the banner isn't displayed and in the Trade section on the asset page doesn't show the Place Order button, the pre-order is not available in your region. Learn more about the regional restrictions here.

How to place a pre-order

Option 1: from the home screen banner

  1. On the Crypto Wallet home screen, tap the Pre-IPO banner.
  2. Under Pre-IPO Access, you'll 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 → Stocks & ETFs.
  2. Find the asset you're looking for and open its page.
  3. In the Pre-IPO section, 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, its status will change to Submitted. You'll also see 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 particular pre-order. For example, if the pool limit is 100,000,000 USDT and participants have collectively submitted orders totaling that amount, no new orders can be accepted.

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

You can check the current pool status, whether it is still open or already 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 automatically used to purchase the stocks, which are then credited to your Crypto Wallet balance.

What is the pre-order price of a stock

Depending on the Pre-IPO, the pre-order price may be either fixed or market-based (indicative).

  • Fixed price — the price of one stock during the pre-order is set at a specific amount in USDT. It is determined in advance and does not depend on market conditions during the order submission period. You can check the current price on the pre-order page in Crypto Wallet.
  • Market (indicative) price — the stock price shown during the pre-order is indicative and may change before trading begins or when trading starts, depending on market conditions. The final price and the exact number of stocks will be determined either on the price determination date, if one is specified for the particular Pre-IPO, or on the listing date.

The pre-order price and the opening market price are not necessarily the same. After listing, the market determines the price, which may change immediately once trading begins.

Is there a fee for participating in the pre-order

Yes, a standard fee of 5% of the order amount applies. 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 stocks.

For example, if you place an order for 100 USDT and the fixed stocks price is 50 USDT:

  • the fee is 5% — 5 USDT;
  • 95 USDT is used to purchase stocks;
  • you'll 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 total number of stocks you receive may not be a whole number.

What do the pre-order, order submission deadline, and listing mean

Each Pre-IPO goes through several stages.

  1. Order submission period (Pre-IPO) is the period during which you can place, change, or cancel your order. The exact opening and closing dates and times are displayed on the pre-order page in Crypto Wallet.
  2. Order submission deadline 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 order submission deadline and the listing date (the start of trading). This is a normal part of the process. During this period, your order remains in the Submitted status, your funds stay reserved, and no action is required on your part.

  1. Listing is the date when the stocks officially begin trading on the exchange. On that day, the funds reserved for your order are automatically converted into stocks, which are then credited to your balance in the Trade section.

Note: the listing date is indicative. The start of trading may be changed or 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 order amount limits

Yes.

  • Minimum order amount — 10 USDT.
  • Maximum order amount — 1,000,000 USDT.

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 individual Pre-IPO.

How can I change my order amount

  • To increase your order amount, simply add the desired amount to your existing order. Once the additional funds have been added, you'll see the updated total order amount.
  • To decrease your order amount, you'll need to cancel your current order and place a new one for the lower amount. Partial withdrawals aren't available. Also note that once your order is cancelled, your allocation in the order pool is released and may be taken by another participant. If the pool is already full or close to reaching its limit, your new order may no longer be accepted.

When and how will the stocks appear in my balance

Once you place an order, the asset page will display the Submitted status. This status remains until the listing date and indicates that your order has been accepted and your funds have been reserved. No further action is required on your part.

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

Note about stocks 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 issuer changes the offering terms or if demand exceeds supply. In such cases, you may receive fewer stocks than requested in your order. Any unused portion of your funds will be returned to your balance in USDT. This is outside Crypto Wallet's control — we act in accordance with the terms established by the issuer and the service provider.

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. Your ability to participate in a Pre-IPO depends on the country and region associated with your Crypto Wallet account. If the pre-order isn't available in your region, you won't 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

You can cancel your order only before the order submission period closes.

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 refunds aren't available.

Once the order submission period has ended, your order can no longer be cancelled, even if trading hasn't started yet. 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 the pre-order, purchases made after trading begins are executed at the current market price, which may be higher or lower than the pre-order price.

Did this answer your question? Thanks for the feedback There was a problem submitting your feedback. Please try again later.