Blockchain.com is now offering 24/7 over-the-counter perpetual swaps for institutional clients, the company said Thursday. It also introduced a contract that lets institutions trade SpaceX shares before the rocket company goes public. The twin moves are part of a push to build out its institutional product suite ahead of its own planned IPO.
Around-the-clock derivatives for big players
The new OTC perpetuals are available around the clock, which means institutions can trade them on weekends and outside regular market hours. Blockchain.com is positioning the product as a way for professional traders to get leveraged exposure to crypto without the liquidity gaps that can hit exchange-traded futures when the bell rings. The contracts are traded off-exchange, directly with Blockchain.com, so there's no order book to cross.
A bet on SpaceX before the rocket lifts off
SpaceX isn't publicly listed — no shares trade on a stock exchange — but secondary markets for its stock have existed for a while. Blockchain.com's pre-IPO contract gives institutional clients a way to take a position tied to SpaceX's valuation ahead of any eventual listing. The product is effectively a derivative that mirrors the private-company's share price. It's a niche offering, but one that could attract funds hungry for exposure to high-growth private tech names.
Building up to an IPO
Blockchain.com has been talking about going public for a while. The company hasn't set a date or said which exchange it would list on, but the new products look like an effort to show investors it can serve large institutions — a prerequisite for a successful IPO in the current market. The timing isn't accidental. The exchange needs to demonstrate revenue from high-value clients, and OTC perpetuals and bespoke derivatives are exactly the kind of services that command fat fees.
The exchange hasn't disclosed pricing or minimum trade sizes for the new contracts. It also hasn't said whether retail clients will eventually get access to similar products. For now, the focus is on institutions — and on proving the model works before taking the company public.
