Bybit Lists SHEINUSDT on Pre-IPO Tradfi Perpetual Aug 27

Bybit to Launch Pre-IPO Perpetual Contracts for Fast Fashion Giant Shein

Cryptocurrency exchange Bybit is set to introduce Pre-IPO Tradfi Perpetual Contracts for SHEINUSDT, allowing traders to gain leveraged exposure to the valuation of fast fashion retailer Shein ahead of its anticipated initial public offering (IPO).

Pre-Market Trading Schedule for SHEINUSDT

The trading of these pre-IPO contracts will follow a specific schedule:

• Call Auction: Commences on August 27, 2026, at 8:00 AM UTC.
• Order Withdrawal: Available for a 20-minute window immediately following the start of the Call Auction.
• Match-Making Tradeoff: Begins 25 minutes after the Call Auction opens.
• Continuous Auction: Starts 30 minutes after the Call Auction, contingent on the success of the match-making tradeoff.

Contract Specifications

During the pre-IPO phase, the contract will feature a fixed fee of 0.005% every four hours. This mechanism will revert to the standard trading model once the company transitions to its post-IPO status.

It is important to note that the estimated share count provided is for informational purposes only and does not constitute investment advice, a recommendation, or a warranty. The definitive share count will be confirmed following the company’s S-1 filing. Bybit will subsequently adjust the Contract Size to reflect this information.

Understanding Pre-IPO Perpetual Contracts

A Pre-IPO Perpetual Contract enables trading on a company’s estimated valuation prior to its public debut. These contracts are settled in USDT, and participants do not acquire actual company shares. Instead, trading activity focuses on price movements.

Key Mechanisms

Pricing: The contract price is derived from the estimated share price multiplied by the estimated number of shares, aiming to approximate the company’s market capitalization. Prior to any adjustment, one contract represents approximately 1/4,250,000,000 of Shein’s estimated market capitalization.

Rebase (Proportional Adjustment): When the actual share count is officially disclosed, such as through the company’s S-1 filing, Bybit may implement a Rebase. This adjustment is designed to align the contract with the company’s actual share structure. Bybit will issue a separate announcement in advance of any Rebase. Following a Rebase, one contract will be equivalent to one actual share, while the value of a trader’s position will remain largely unchanged.