VietnamPenguin(@VietnamPenguin):If you're wondering what happened to Solana @PreStocks SpaceX, they got absolutely crushed and are now trading around ~$112 (after 5:1 split), implying a ~40% discount to the underlying shares. Turns out there's a 180-day lockup before preStocks can be converted into real shares (I suspect very few people were aware of this). So holders have two choices: dump into a thin-liquidity market at a steep discount today, or wait 180 days and convert at full value. Looks like many crypto degens are choosing the former. Interestingly, this issue doesn't exist (and couldn't exist) in the $SPCX perp market. Pre-IPO markets only make sense to trade via perps. Hyperliquid.

2026.06.12 16:26

If you're wondering what happened to Solana @PreStocks SpaceX, they got absolutely crushed and are now trading around ~$112 (after 5:1 split), implying a ~40% discount to the underlying shares. Turns out there's a 180-day lockup before preStocks can be converted into real shares (I suspect very few people were aware of this). So holders have two choices: dump into a thin-liquidity market at a steep discount today, or wait 180 days and convert at full value. Looks like many crypto degens are choosing the former. Interestingly, this issue doesn't exist (and couldn't exist) in the $SPCX perp market. Pre-IPO markets only make sense to trade via perps. Hyperliquid.