Key Highlights
- The IPO Prime campaign raised $72.36 million in a few hours and became oversubscribed quickly.
- About 4,812 users joined, with high average investments of around $15K–$16K per person, meaning big capital per user.
- The platform will switch to instant spot trading after closing on April 21, aiming to improve liquidity and faster access to funds.
Bitget, a crypto exchange, launched its IPO Prime campaign today, and it quickly pulled in $72.36 million within just a few hours.
In a post on X, CEO Gracy Chen said a total of 4,812 people joined the sale on the platform, with strong interest from users around the world. The offer reportedly became oversubscribed very fast, with more people wanting to invest than the available slots.
“Just a few hours after our IPO Prime launch, the campaign has raised $72.36 million and is already oversubscribed.” Chen posted on X.
Fast money rush in hours due to high demand
The campaign drew strong interest due to limited slots, structured rewards, and early access opportunities, with funds flowing in rapidly as the sale opened.
In just 1 hour and 30 minutes, the campaign had already raised $61.1 million and filled its soft cap. At that early stage, about 3,769 users had joined, which later increased.
The average amount invested by each person was between $15,000 and $16,255, meaning users were not just testing with small amounts but putting in serious funds.
“Witness the first IPO spectacle in the crypto circle: raised $61.1 million in 1 hour and 30 minutes.” a post about the launch said.
In a blog post, Bitget also shared an update about how trading will work after the sale. The IPO Prime event is set to close at 8:00 PM (GMT+8) on April 21. Right after it ends, spot trading will start immediately.
At first, the plan was to use over-the-counter trading, but this was changed. The platform explained that instant spot trading will help increase liquidity and make it easier for users to access and use their funds without delay.
Extra rewards for participants
Alongside the main sale, Bitget introduced extra benefits for users who take part. From April 18 to April 21, participants can earn up to 6% APR on flexible USDT savings.
This means users can earn small returns while holding their funds during the event period. Subscription for this savings product will open on April 20
There is also a reward pool of 500 TSLAON tokens that will be shared among users who increase their stablecoin balance to a certain level. New VIP users are also included, with offers like a 3% USDT savings coupon and access to higher-yield products with rates up to 10% APR.
BGB drop despite the news
On the market side, Bitget’s native token BGB doesn’t seem to react much to the new. In fact, it’s doing the opposite.
At press time, the token is trading for $1.85, representing a 2.65% drop in the last 24 hours. However, trading activity is up by 39% during this period reaching about $35.69 million in volume, while the market cap sits at $1.29 billion.
Also Read: Hyperliquid Posts $5.23M Revenue Day — Biggest Since February as Bitcoin Tops $77K
