Unitree’s IPO sent shockwaves through markets, soaring 600% on its first day—way beyond crypto traders’ pre-IPO bets. Crypto futures had priced it at $92–94, valuing the company at $38B, but the stock opened 75% higher than that, with the public market ultimately valuing it at nearly seven times its IPO price. While SpaceX’s crypto forecast was spot-on, Unitree proved crypto can spot undervalued stocks—and the public market still outperforms even the most leveraged bets. With just $29M in open positions, the crypto contract showed unusual funding rates, hinting at volatility. Even after the wild opening, shares stayed nearly six times the IPO price, proving crypto’s predictive power is real but imperfect. This is just the beginning of the collision between crypto and traditional IPOs—volatile, unpredictable, and full of surprises.
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