Eligibility file · Note

Republic pre-IPO notes on Bitget IPO Prime (preOPAI, preSPCX)

What the client owns

OpenAI (private company); the token is a tokenized interest in a Republic International Cayman Contingent Payout Note that pays on an OpenAI IPO, acquisition or the note’s maturity; OpenAI says unapproved transfers of its equity are void; Space Exploration Technologies Corp. (Nasdaq: SPCX since 12 June 2026); the token is a tokenized interest in a Republic International Cayman Contingent Payout Note, split 1:5 from preSPAX on 28 May 2026, that converts to USDT or stock tokens after the IPO lock-up. Third-party synthetic: A note or swap that pays like the security and carries no rights in it.

Who may hold it

Not offered to US persons. First purchase $100. Sold only to Bitget users who pass Bitget’s identity check and state they are not US investors, under Regulation S; ”available for selected jurisdictions only,” with no published list. Sub-accounts and institutional accounts may not subscribe. Minimum commitment $100 in USDT or USDGO; individual caps by Bitget VIP tier ($10,000 to $600,000 for preOPAI, $1,000 to $300,000 for preSPAX). No accreditation test is stated.

Who can freeze or claw back

Solana PREOPAI: can freeze a holder, claw back, mint. An account only a program can sign for can freeze a holder and claw back tokens. A single key can change the code with no delay.

How a holder redeems

Redeem with the issuer in its window. After a qualifying event (IPO or acquisition) and the lock-up that follows, ”typically about six months after the SpaceX IPO,” the issuer has Bitget convert each token into USDT or stock tokens at the market price of the company’s stock. Token swap fees may apply. If no qualifying event occurs within the note’s term (Bitget describes a 10-year maturity), fallback redemption terms in the unpublished subscription agreement apply. Settles in USDT, stock tokens.

Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.

The verdict is on the memo: Republic pre-IPO notes (Bitget IPO Prime) Not approved

Issuer

Republic International Cayman (Cayman Islands; no registration number or company suffix published); BTG Technology Holdings Limited (Bitget) as distributor, Calculation Agent, and Fiscal and Paying Agent

Registration

Regulation S, offshore

Official record

No transfer agent

Instruments

PREOPAI PRESPCX

Chains

Solana

Reviewed

2026-09-23

Next review

2026-12-23

Other programs tokenize the same security. Every version side by side: SPCX.

Eligibility

Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.

What the holder owns

The holder owns a tokenized interest in a Republic International Cayman debt note whose payments track the company’s stock. The holder has no share, no vote and no dividend.

“I understand that I am purchasing tokenized interests in Contingent Payout Notes”

Bitget: IPO Prime User Confirmation and Notice of Adjustment (Republic International Cayman as Issuer; Bitget as Calculation Agent), 26 May 2026 · User Confirmation (p. 2) · words found 2026-09-23

Who may hold it

Non-US investors only, under Regulation S, in the jurisdictions Bitget selects.

“Structured under Regulation S for non-US investors”

Bitget Academy: What Is Republic IPO Prime and the OpenAI Pre-IPO Token · Key Features of preOPAI · words found 2026-09-23

First purchase minimum

A $100 minimum commitment, with individual caps by Bitget VIP tier.

“Individual min commit (USDT or USDGO): $100”

Bitget: preOPAI IPO Prime sale terms · Event details · words found 2026-09-23

Who it may be transferred to

After the sale a holder may trade the token on Bitget under Bitget’s rules; the terms say nothing of transfers off Bitget, and the chain today lets any unfrozen wallet send.

“You may trade preSPAX on the Bitget OTC market according to the platform rules.”

Bitget: IPO Prime FAQs (18 April 2026) · Q6, What happens after I subscribe to preSPAX? · words found 2026-09-23

How a holder redeems

After the IPO lock-up the issuer has Bitget convert the token to USDT or other tokens at the stock’s market price; without an IPO or acquisition, unpublished fallback terms govern.

“After that, the issuer will entrust Bitget to convert it into USDT or other tokens based on the market price of the underlying company’s stock.”

Bitget: IPO Prime FAQs (18 April 2026) · Q6, What happens after I subscribe to preSPAX? · words found 2026-09-23

Who keeps the official record

The issuer describes the token as an on-chain format of a debt security; Republic has not published the Global Security that records the notes.

“represents an on-chain format of an underlying debt security for use on the Solana blockchain network”

preOPAI token metadata (Arweave, linked from the Solana mint) · Token metadata, description · words found 2026-09-23

What the issuer says it can freeze or take back

The published terms name no freeze or clawback power; on chain a program-owned key holds the freeze authority and a permanent delegate that can move or burn any holder’s tokens.

Not stated in Bitget: IPO Prime FAQs (18 April 2026), Bitget Academy: What Is Republic IPO Prime and the OpenAI Pre-IPO Token, Bitget: IPO Prime User Confirmation and Notice of Adjustment (Republic International Cayman as Issuer; Bitget as Calculation Agent), 26 May 2026, Bitget: preOPAI IPO Prime sale terms, Bitget: preSPAX IPO Prime sale terms, Bitget: preSPAX token split and rebranding to preSPCX (28 May 2026), preOPAI token metadata (Arweave, linked from the Solana mint), preSPCX token metadata (Arweave, linked from the Solana mint).

Fact	Answer
Who onboards the holder	distributor
Voting rights	None
Distributions	None
SIPC coverage of the wallet	No

Who controls it

Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.

Token	Chain	Freeze a holder	Pause	Claw back	Gate holders	Change the code	Keys held by
PREOPAI	Solana	Yes	No	Yes	No	No	An account only a program can sign for can freeze a holder and claw back tokens. A single key can change the code with no delay.

Who holds the keys

Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.

Token	Chain	Key	What it can do	Held by	Address
PREOPAI	Solana	Mint authority	mint new tokens	an account only a program can sign for	D4zEFo…XzN5
PREOPAI	Solana	Freeze authority	freeze a holder	an account only a program can sign for	D4zEFo…XzN5
PREOPAI	Solana	Permanent delegate	claw back tokens	an account only a program can sign for	D4zEFo…XzN5
PREOPAI	Solana	Transfer-hook authority	decide who may hold, change the code	a single key	Dqn8ZH…3Fxb

Solana PREOPAI: 3 contract reads, 0 functions in verified source, 2026-09-23

Read from the chain

mintAuthority=D4zEFoFmzUBpzAcuRfXGA2X2QcZNuGQYwbDFWDRwXzN5
freezeAuthority=D4zEFoFmzUBpzAcuRfXGA2X2QcZNuGQYwbDFWDRwXzN5
permanentDelegate=D4zEFoFmzUBpzAcuRfXGA2X2QcZNuGQYwbDFWDRwXzN5

Where it trades

Venue	Kind
Bitget IPO Prime (distributor for Republic International Cayman)	issuer primary
Bitget spot and OTC markets	exchange

Redemption

Route	Settlement	Settles in
Redeem with the issuer in its window	After a qualifying event (IPO or acquisition) and the lock-up that follows, ”typically about six months after the SpaceX IPO,” the issuer has Bitget convert each token into USDT or stock tokens at the market price of the company’s stock. Token swap fees may apply. If no qualifying event occurs within the note’s term (Bitget describes a 10-year maturity), fallback redemption terms in the unpublished subscription agreement apply.	USDT, stock tokens
Secondary market only; no issuer redemption	Holders sell on Bitget: preOPAI on the spot market, preSPCX on spot (preSPAX traded first on Bitget OTC). No published document says whether a holder may withdraw the token to an outside wallet; 99.6% of each supply sat in one wallet on 23 September 2026.	USDT

Review triggers

Republic or Bitget publishes the Global Security or subscription agreement for either note
The freeze authority or permanent delegate on either mint is used against a holder, or moves from the program-owned accounts D4zEFoFmzUBpzAcuRfXGA2X2QcZNuGQYwbDFWDRwXzN5 and G5a1cFJXktVeG69wQyrVuKuBqVHW5NiCG6L986aN1sQQ
The transfer-hook authority Dqn8ZHs96R7aQ7rh7LRgVekmabCJF1bSzYbBhre33Fxb installs a transfer hook on either mint
The SpaceX lock-up ends and Bitget converts preSPCX, or announces the conversion price and date
OpenAI completes an IPO or acquisition, or states that a Republic structure holds no OpenAI interest
The Calculation Agent issues a further Notice of Adjustment
Bitget opens withdrawal of either token to outside wallets, or IPO Prime adds a new Republic note

Daily checks

Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.

File history

Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.

Date	Change
2026-09-23	Filed.

Sources

Bitget: IPO Prime User Confirmation and Notice of Adjustment (Republic International Cayman as Issuer; Bitget as Calculation Agent), 26 May 2026 · primary · accessed 2026-09-23
Supports: tokenized interests in Contingent Payout Notes, debt security issued by Republic International Cayman, no equity, vote or dividends, issuer credit risk, Calculation Agent adjustments binding at its sole discretion, Global Security issued 18 April 2026
Bitget: IPO Prime FAQs (18 April 2026) · primary · accessed 2026-09-23
Supports: issued by Republic International Cayman, debt instrument, not equity, exit by Bitget OTC or conversion after lock-up, fallback redemption if no qualifying event, issuer and partners hold equity or related rights, Bitget is distributor only, selected jurisdictions only
Bitget Academy: What Is Republic IPO Prime and the OpenAI Pre-IPO Token · primary · accessed 2026-09-23
Supports: Regulation S, non-US investors, $100 minimum, fractional, payout on IPO, acquisition or 10-year maturity, Republic International Cayman sole issuer; Bitget distributor
Bitget: preOPAI IPO Prime sale terms · primary · accessed 2026-09-23
Supports: $725 per token, 29,082 tokens, $100 minimum commit, VIP caps, distribution in three tranches May to July 2026
Bitget: preSPAX IPO Prime sale terms · primary · accessed 2026-09-23
Supports: $650 per token, 94,000 tokens, $100 minimum commit, not open to residents of certain jurisdictions
Bitget: preSPAX token split and rebranding to preSPCX (28 May 2026) · primary · accessed 2026-09-23
Supports: 1:5 split, preSPCX/USDT launched 28 May 2026
preOPAI token metadata (Arweave, linked from the Solana mint) · primary · accessed 2026-09-23
Supports: issued by Republic International Cayman, on-chain format of an underlying debt security
preSPCX token metadata (Arweave, linked from the Solana mint) · primary · accessed 2026-09-23
Supports: issued by Republic International Cayman, on-chain format of an underlying debt security
SEC EDGAR: RepublicX LLC Form D/A (11 December 2025) · primary · accessed 2026-09-23
Supports: Mirror Tokens are a separate Delaware issuer, Rule 506(c), accredited only, $50 minimum
CoinDesk: Bitget brings pre-IPO tokens to masses starting with SpaceX on Solana (21 April 2026) · secondary · accessed 2026-09-23
Supports: IPO Prime launch, Republic partnership

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