Bybit and Aster Launch Oura Pre-IPO Perpetuals Ahead of Nasdaq Listing
Bybit and Aster have launched pre-IPO perpetual contracts tracking Oura's valuation before the smart-ring maker lists on Nasdaq. The contracts offer leveraged synthetic exposure without share ownership, with Bybit offering up to 25x leverage and Aster offering 20x.
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Two Exchanges Offer Competing Pre-IPO Products
Bybit launched OURAUSDT, a pre-IPO perpetual contract, on September 22 at 13:30 UTC with leverage of up to 25x. Aster has listed an OURA/USD1 perpetual with 20x leverage. Both contracts track the implied pre-IPO valuation of Oura, the Finnish smart-ring maker preparing for a Nasdaq debut, but neither grants traders actual share ownership, voting rights, or IPO allocations.
The products settle in stablecoins and allow traders to take long or short positions on Oura's market value without participating in the traditional IPO process. Bybit's offering sits within its pre-IPO perpetual desk, while Aster frames the product as democratizing access to speculative exposure ahead of the listing.
Regulatory Questions Around DeFi Pre-IPO Trading
The launch reflects growing competition among crypto exchanges to capture trading activity around traditional finance events. Pre-IPO perpetuals differ from Coinbase's recent retail IPO allocation product, which offers share ownership and voting rights. By contrast, the Bybit and Aster products are pure derivatives with no equity claim.
Crypto Briefing noted that regulatory scrutiny could impact DeFi innovation in this space, though neither the SEC nor FINRA has yet issued specific guidance on pre-IPO crypto derivatives. Oura's listing marks the first time a major pre-IPO valuation is being traded continuously on crypto rails with fractional leverage available to retail traders.
Why It Matters
For Traders
Bybit's 25x leverage offers outsized exposure to Oura's pre-listing price discovery, but the perpetual is a synthetic bet with no rights attached and carries liquidation risk.
For Investors
Pre-IPO derivatives on crypto exchanges may fragment price discovery between traditional pre-IPO markets and on-chain synthetics, complicating traditional valuation benchmarks.
For Builders
This use case demonstrates demand for cash-settled derivatives on TradFi assets, but regulatory clarity remains absent and could reshape which products exchanges can offer.
This article is for information only and is not financial advice. Read the full disclaimer.
