CoinGecko: On-Chain Pre-IPO Perpetual Contract Market Becomes Effective Valuation Metric

According to monitoring by on-chain analytics platform Lookonchain, a newly created wallet deposited 11.9 million USDC into Hyperliquid, then went long on 500 BTC with 20x leverage, leading to a notional position value of approximately $39.44 million. The estimated liquidation price of this position is $55,570.76.

Beating AI News Flash: DeepSeek is currently in a new round of financing with a pre-money valuation of approximately $71 billion. Just one month ago, the company completed its first round of financing at a valuation of around $52 billion, raising $7 billion. In just one month, its valuation has surged by about 37%. Even though the new round requires a 5-year lock-up period and no voting rights, investors are scrambling for allocations. Those unable to secure direct stakes are entering indirectly through institutions that have obtained quotas. These institutions are establishing Special Purpose Vehicles (SPVs) – fund structures created specifically for a single investment – to raise capital from external investors. Some first-tier channels charge a 6% entry fee, while second-tier channels charge 8%; lower-tier channels levy fees exceeding 15%, plus an additional 40% of investment profits. Similar SPVs typically only charge around a 2% upfront fee and a 20% profit share. These off-market arrangements were not initiated by DeepSeek. According to the Financial Times (FT), Liang Wenfeng has begun personally reviewing the final investor list and verifying underlying contributors to ensure shares do not end up in the hands of unidentified entities, and to mitigate governance risks that a complex shareholder structure could pose for a future IPO.

CoinGecko, in the RWA report *Tokenized Stocks: Insights from SpaceX, Pre-IPO Price Discovery, and the Perpetual Contract Boom* co-produced with Chinese crypto media BlockBeats, noted that the synthetic pre-IPO market has emerged as an effective valuation indicator for traditional IPOs. On-chain perpetual contracts can deliver continuous price discovery and market sentiment anchors for high-profile private companies ahead of their official exchange listings. The report cites SpaceX and ChangXin Memory Technologies (CXMT) as examples: Ahead of SpaceX’s listing, perpetual contract prices across platforms fluctuated between $158 and $170 before gradually converging to around $157.40. When its first trade on Nasdaq hit $150.05, the gap stood at roughly 4.9%. The deviation between CXMT’s pre-IPO perpetual contract prices and its actual opening price was also approximately 4.6%. CoinGecko argues that even without real spot stocks to serve as immediate arbitrage anchors, traders will still form relatively concentrated quotes based on valuation, listing hype, and future liquidity. As such, on-chain pre-IPO perpetual contracts will become a key reference price before traditional order books open, while offering global investors a 24-hour channel to express bullish and bearish expectations.

According to Bloomberg, fintech startup Ramp is in early-stage negotiations with investors for a new funding round, with an expected valuation of roughly $60 billion. If the deal is finalized, Ramp’s valuation would rise approximately 36% from its previous $44 billion in just three months. Sources familiar with the matter revealed that Ramp plans to raise around $1 billion in new capital for this round; the negotiations are still ongoing and specific terms may change. Ramp declined to comment. Founded in 2019, the company mainly provides enterprises with services including expense management, payment processing, and AI fraud detection. In June this year, Ramp completed a $750 million funding round, bringing its total cumulative financing to approximately $3 billion to date.

According to EmberCN’s monitoring, a crypto whale that cleared its entire position of 50,600 ETH at an average price of $2,921 at the end of last year, locking in around $19.02 million in profits, has resumed buying BTC after an approximately 8-month hiatus. Over the past day, the whale has swapped $14.2 million in USDC for 179.8 BTC via THORChain, at an average purchase price of roughly $78,955. The whale is still actively buying, holding approximately $74.32 million in USDC.

According to GMGN data, VVV has hit a new all-time high of $26.12, and is currently trading at $24.77, with a market cap of $2.84 billion, a 31.2% 24-hour increase, and a 24-hour trading volume of $44.7 million. In related news, Venice’s official social media account announced that it has executed its latest discretionary VVV token burn, totaling around $391,000 worth of VVV, marking the largest such burn in its history.