Blockchain.com Launches 24/7 Perpetual Trading for Institutions

Blockchain.com has launched 24/7 perpetual trading for institutional clients through its OTC desk, offering around-the-clock exposure to stocks, equity indices, commodities, foreign exchange markets and pre-IPO companies.

The rollout includes a SpaceX-linked perpetual contract, allowing eligible investors to take positions tied to the aerospace company's anticipated public listing. According to the company, the contract is already live through its OTC desk.

Blockchain.com said the new service is intended for institutions seeking continuous market access outside traditional trading hours. The company said clients can use the platform to hedge or adjust positions across multiple asset classes, including on weekends when most traditional markets are closed.

The firm cited use cases including options desks managing exposure, macro funds trading across asset classes and investors seeking exposure to anticipated public listings.

Blockchain.com's announcement tweet Tuesday to its 1.3 million followers.

Source: Blockchain.com on X.com

The move follows Blockchain.com's April launch of perpetual futures trading through its self-custody wallet. At the time, the company said it planned to expand beyond crypto markets into stocks, commodities and foreign exchange.

In May, Blockchain.com confidentially filed paperwork with the US Securities and Exchange Commission for its own proposed initial public offering.

Related: Senator Elizabeth Warren questions Elon Musk about X Money

Pre-IPO trading emerges as a new crypto battleground

Bloomberg reported in April that SpaceX had confidentially filed for an IPO and was considering a valuation of more than $1.75 trillion, potentially making it one of the largest public listings in US history. Anticipation around the company's expected June 12 market debut has since fueled a wave of pre-IPO products from crypto exchanges.

Binance last month introduced pre-IPO perpetual futures tied to private companies, beginning with a SpaceX-linked contract settled in USDT. The derivatives allow traders to speculate on a company's expected valuation before and after an IPO without owning the underlying shares.

Last week, crypto exchange Kraken announced that SpaceX would become the first company offered through its xStocks IPO Access platform, allowing eligible users in more than 110 markets to participate through tokenized shares backed 1:1 by the underlying stock. Once issued, the tokens can be traded around the clock on Kraken and other xStocks-supported platforms.

Bybit followed days later, indicating it would also offer access through xStocks, marking the first IPO available through the exchange's new tokenized equity program.

Source: SpaceX

Coinbase has also launched pre-IPO markets for international users through a perpetual futures contract tied to SpaceX's estimated private-market valuation. The USDC-settled product is designed to convert into a post-IPO contract if the company ultimately begins trading on public markets.

Investor demand for the offering has continued to accelerate. On Tuesday, Reuters reported that the IPO was running three and a half to ​four times oversubscribed, with demand exceeding $250 billion for an offering expected to raise $75 billion.