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tokenized-rwa

Republic pre-IPO notes (Bitget IPO Prime)

Adverse research finding
Research assessment
adverse
Firm shelf
excluded by policy
Model-client eligibility
ineligible
Selection
not considered
Action and amount
Not set by research
Reviewed
2026-09-23 · v1
Next review
2026-12-23
Research basis
Individual research
Chains
Solana · crypto-backed
Symbols
PREOPAI PRESPCX
Eligibility file
What the holder owns and who may hold it

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

preOPAI and preSPCX are debt notes, not shares. Republic International Cayman issues them as ”Contingent Payout Notes” whose payments track the stock of OpenAI and SpaceX, and Bitget sells them through its IPO Prime platform to non-US users from $100. The holder is a creditor of a Cayman company that owes a payment when the company lists or is sold, or at maturity; the holder has no claim on any share, and the only document that sets the payment, the Global Security, has not been published. What the issuer holds to meet that debt is described only as ”equity or related rights” held with ”partners.” The two notes now stand in different places. SpaceX listed on Nasdaq on 12 June 2026, so preSPCX waits for a conversion into USDT or stock tokens about six months after the IPO. OpenAI is private and says any transfer of its equity without its consent ”is void” and ”will not be recognized and carry no economic value”; a note that pays on OpenAI’s stock is only as good as whatever the issuer could lawfully acquire. For a US advisor’s client the answer is no. The notes are sold under Regulation S to non-US investors only. Even abroad, the holder takes the credit of an issuer with no published accounts, terms it cannot read, a calculation agent whose adjustments are ”completely binding,” and a token whose issuer can freeze it or move it out of any wallet.

The research file

Who issues the notes

Three primary sources name the same issuer. The on-chain metadata of both Solana mints says the token ”is issued by Republic International Cayman and represents an on-chain format of an underlying debt security.” Bitget’s IPO Prime FAQ says preSPAX, the first note, ”is issued by Republic International Cayman.” And a Notice of Adjustment dated 26 May 2026, which CoinGecko links as the preSPCX whitepaper, is signed by ”REPUBLIC INTERNATIONAL CAYMAN As Issuer” and by Bitget, whose legal name is given as BTG Technology Holdings Limited, ”As Calculation Agent and Fiscal and Paying Agent.” No source gives a company number or a suffix such as Ltd or SEZC.

This is not Republic’s US program. RepublicX LLC, a Delaware company, sells ”Mirror Tokens” to US accredited investors under Rule 506(c); its Form D/A of 11 December 2025 reports $585,205 sold to 199 investors with a $50 minimum. The Cayman notes have no EDGAR filing, which fits an offshore offering. Bitget says it ”acts as a distribution platform only and is not the issuer,” yet it also computes what the notes pay and handles the payments.

What a holder owns

Every buyer confirms: ”I understand that I am purchasing tokenized interests in Contingent Payout Notes … a debt security (i.e., payment obligation) issued by Republic International Cayman.” The notes ”represent the right to receive payments which will be tied to the performance of the common stock of SpaceX, but are not themselves common shares in, or any equity ownership of, SpaceX.” The holder gets no vote, no dividends and no information rights, and is warned that ”Payment under this Product depends on the Issuer’s ability to perform its obligations.”

The payment has three triggers. Bitget’s guide says holders are paid on ”an IPO, acquisition, or 10-year maturity date.” After an IPO and its lock-up, ”the issuer will entrust Bitget to convert it into USDT or other tokens based on the market price of the underlying company’s stock.” If no qualifying event happens, ”fallback redemption provisions” in the subscription agreement apply; that agreement is not public, so neither the fallback amount nor any cap on the payout can be checked.

On what the issuer holds, the only statement is Bitget’s: ”The issuer and its partners hold equity or related rights in the underlying company through compliant channels.” ”Related rights” covers a forward contract, an interest in an SPV, or a swap with a third party. None is named. For SpaceX the question now matters less, because the payout references a listed price. For OpenAI it is the whole question: OpenAI’s published policy lists ”tokenized interests in OpenAI equity or an SPV holding OpenAI equity” among the transactions it does not approve, and says an unapproved transfer ”is void.”

The calculation agent and the SpaceX split

The notes give Bitget, as calculation agent, the last word. The Notice of Adjustment quotes Section 7 of the Global Security: ”all calculations and adjustments made by the Calculation Agent are executed at its sole discretion and are conclusive for all purposes and completely binding on the holders.” Its first use renamed preSPAX to preSPCX on 26 May 2026. Two days later Bitget split each preSPAX into five preSPCX; no published document explains the ratio.

The numbers on chain agree. Bitget sold 94,000 preSPAX at $650; the preSPCX mint holds 474,750 tokens, which is 470,000 after the split plus 4,750 we cannot account for. Bitget sold 29,082 preOPAI at $725, and the preOPAI mint holds exactly 29,082.00. DefiLlama prices preSPCX at about $148, close to SpaceX’s Nasdaq price, so the market treats the note as a claim on the listed share at conversion.

Who may hold, and how a holder gets out

Bitget’s academy page says IPO Prime is ”Structured under Regulation S for non-US investors” and asks buyers to ”verify your non-US investor status.” Its FAQ says ”Available for selected jurisdictions only,” with no list. Buyers pass Bitget’s identity check; sub-accounts and institutional accounts are excluded. The minimum commitment is $100 in USDT or USDGO, and caps rise with Bitget VIP tier. No accreditation test is stated.

A holder can sell on Bitget, where preOPAI trades on spot and preSPCX moved from the OTC desk to spot after the split, or wait for conversion. In practice the tokens do not leave Bitget: on 23 September one wallet held 99.6% of the preOPAI supply and three quarters of preSPCX, and no published term says whether a holder may withdraw to an outside wallet.

Control on chain

Both mints are Token-2022 tokens with two decimals. On preOPAI the mint authority, freeze authority and permanent delegate are one account (D4zEFoFm…) owned by an upgradeable program (4X79YRjz…); on preSPCX a sibling account (G5a1cFJX…) holds the same three powers. The freeze authority can stop any holder’s account. The permanent delegate can move or burn any holder’s tokens without the holder signing. Both mints also carry a transfer-hook extension with no hook installed today; its authority is a plain wallet (Dqn8ZHs9…) that can install one, which would let the issuer screen every transfer.

The published terms say nothing of these powers. The only stated power over holders is the calculation agent’s binding discretion. We could not tie program 4X79YRjz… to a named Republic token standard, so who can instruct it is unknown.

Against PreStocks and Mirror Tokens

The same companies trade as tokens through three programs, and they are not the same thing. PreStocks, also on Solana, names no issuer at all and says its tokens give ”no legal, equitable, or contractual right” to anything. RepublicX’s Mirror Tokens are a US Reg D note with a Form D on file, sold to accredited investors. The Cayman notes sit between: a named issuer and a stated debt, but no published terms and no filing. Among the three, only the Mirror Token offering has a document an examiner could read.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.

ChainVerdictGradeControl constraint
SolanaFavorable with conditions crypto-backed no admin key can seize funds, but stake concentration and a sub-25 Nakamoto coefficient are the standing watch items.
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