Jio Platforms IPO buzz reaches crypto market: The initial public offering (IPO) of Jio Platforms Limited is set to open for subscription this week, but its IPO buzz has already reached the cryptocurrency market. Crypto exchange Bitget listed Jio pre-IPO perpetual futures contract last week.
Known as the JIOUSDT contract,the crypto-based futures contract would let traders speculate on Jio Platforms’ pre-IPO price movements. They can participate in it without actually owning its shares.
JIOUSDT is a pre-IPO perpetual futures contract. It lets traders use a speculative financial instrument tied to the company’s anticipated market valuation. As per Bitget website, it can be traded 24x7, year-round and are settled directly in USDT. Jio pre-IPO perpetual futures will offer up to 20x leverage, with funding fees settled every eight hours.
The contract has traded around the clock since its launch on Wednesday, October 14, with its price hovering near $ 11.9. Perpetual futures contracts have no expiry, with periodic funding payments between longs and shorts that help keep prices aligned with the underlying market.
Traders can participate in JIOUSDT by making positions on market expectations for Jio valuation. The financial instrument would let traders capture speculation around event-driven moves related to Jio IPO, subscription demand, and grey market premium (GMP).