Bybit expands pre-IPO perpetuals with Unitree, Moonshot AI

Pre-IPO perpetuals are a telling product: they let traders express a view on private companies that have no listed shares or disclosed valuation, so the reference price is essentially Bybit's own construction rather than a market-clearing one. Adding Unitree and Moonshot AI pushes the venue further into territory that looks like equity exposure but settles and trades like crypto. The open question is whether this convergence builds durable demand or stays a niche, since the underlying assets remain private and the pricing mechanism is only as credible as the exchange behind it.