Competition for pre-IPO market share is accelerating:

→ Binance and Bitget: tokenized pre-IPO shares via PreStocks integration
→ Trade.xyz: pre-IPO perps, ~$7M daily volume in week one
→ Backpack: onchain IPOs with actual equity exposure as issued shares, supported by Superstate and Solana

But the SEC-CFTC has released guidance that puts tokenized SPV structures at risk of enforcement once companies go public.

Platforms that can optimize for all conditions will emerge as winners.

DWF Ventures explains the endgame for pre-IPO markets here.