Pre-IPO perpetual futures trading volume reached approximately $12 billion in June as crypto traders sought exposure to private technology companies before public listings, according to CryptoQuant data. The June volume represented a sharp increase from roughly $2 million in March and $715 million in May. The growth occurred as exchanges expanded contracts that allow traders to speculate on private-company valuations without providing ownership of underlying shares, part of a broader trend of trading traditional market exposure on crypto infrastructure.
Perpetual futures structures, common across digital asset venues, have been applied to companies that have not completed public offerings. Exchanges have added contracts linked to oil, metals, and equity markets, with private-company products emerging as a fast-growing category.
SpaceX and OpenAI Drive 55% Market Share Shift in June
Demand centered on pre-IPO perpetuals tied to companies including SpaceX, OpenAI, and Quantinuum. CryptoQuant data showed that pre-IPO contracts accounted for 55% of all crypto equity perpetual trading in June, up from 5% in May.
The shift demonstrated how rapidly traders moved toward private-company products once additional markets became available. Activity concentrated around firms connected to artificial intelligence, aerospace, and advanced computing—sectors that remained active in private markets.
The change altered the structure of equity-linked crypto trading, with pre-IPO products no longer representing a marginal category. These contracts provided traders exposure to technology sectors before or around public listings.
Binance Captures $10.3 Billion in June Pre-IPO Volume
Binance controlled most of the market in June, handling $10.3 billion in pre-IPO perpetual volume for an 83% market share, according to CryptoQuant data. The figure marked a 20-fold rise from Binance's May volume.
Bitget ranked second with $1.3 billion in June volume. The concentration of volume indicated that larger exchanges remained the primary access points for traders using equity-style perpetual products.
Other exchanges continued to list equity-linked contracts and expand access to non-crypto assets, but June data showed liquidity concentrated on a small number of platforms.
Quantinuum and SpaceX Complete Nasdaq Listings in June
Quantinuum listed on Nasdaq under the ticker QNT on June 4, while SpaceX followed on June 12 under the ticker SPCX. OpenAI filed a confidential S-1 with the SEC but has not set an IPO date.
The rise in pre-IPO perpetual futures increased demand for data around private-company pricing. CoinCodex tracks prices of pre-IPO stocks through a dedicated tracker, available at CoinCodex Pre-IPO stocks, providing a reference point for traders watching private-company names that appear in crypto perpetual markets.
FAQ
What was the pre-IPO perpetual futures trading volume in June?
Pre-IPO perpetual futures trading volume reached approximately $12 billion in June, according to CryptoQuant data. This represented a significant increase from roughly $2 million in March and $715 million in May.
Which exchange handled the most pre-IPO perpetual volume in June?
Binance handled $10.3 billion in pre-IPO perpetual volume in June, capturing an 83% market share according to CryptoQuant data. Bitget ranked second with $1.3 billion in June volume.
When did SpaceX and Quantinuum complete their Nasdaq listings?
Quantinuum listed on Nasdaq under the ticker QNT on June 4, and SpaceX listed on June 12 under the ticker SPCX. OpenAI filed a confidential S-1 with the SEC but has not announced an IPO date.
