[DigitalToday reporter Jinju Hong (홍진주)] BTCC, one of the longest-operating cryptocurrency exchanges, is expanding products aimed at demand for investment in unlisted companies by launching a perpetual futures contract linked to the price of SpaceX.

BeInCrypto, a blockchain media outlet, reported on April 20 local time that BTCC listed the 'SPACEXUSDT' perpetual futures contract. The product trades in the exchange's tokenised stocks section and offers up to 50 times leverage.

The listing is seen as an attempt to draw retail demand for large unlisted companies into crypto derivatives. SpaceX is considered one of the most watched companies in private markets as Elon Musk's symbolism, growth in its satellite internet service Starlink and expectations for an initial public offering combine. BTCC also focused on SpaceX as a name with high public awareness and a story investors are already familiar with.

Market interest is also expanding quickly. In the first quarter this year, Starlink app downloads and monthly active users more than doubled from a year earlier, and subscribers topped 10 million as of February. Private-market valuations are also a factor stoking investor sentiment. A tender offer disclosed in December 2025 valued the company at about $800 billion, and up to $1.75 trillion has been mentioned in recent IPO discussions.

Competition is also cited as a factor boosting attention on SpaceX. Amazon agreed to acquire satellite communications company Globalstar for $11.57 billion, but the scale of its satellite deployment lags far behind SpaceX. Starlink is already operating more than 10,000 satellites.

In this environment, perpetual futures are serving as an indirect means for retail investors who find it difficult to invest directly in unlisted companies to bet on price moves and market sentiment.

BTCC is also expanding a set of derivatives linked to traditional finance themes through the product launch. Users had already been able to trade traditional market-related products based on tether (USDT), and the exchange said initial trading demand in that area was strong. It also stressed SPACEXUSDT has sufficient liquidity.

Marketing is being rolled out alongside the launch. The exchange is running an event offering rewards of up to 1,000 USDT and giving away a Tesla Cyberbeast as a prize. The move is interpreted as a strategy to draw early interest by linking the product itself to Musk-related brand narratives. It also shows crypto exchanges judge that demand attaches faster to familiar company names and assets with an active news flow.

Still, greater accessibility has also increased investment risk. BTCC stated in guidance materials that leverage increases both the potential for gains and the potential for losses. In particular, if high leverage is combined with assets carrying pre-IPO expectations, price volatility can expand sharply. The narrative may be easy to understand, but retail investors need to be cautious because the trading structure is a high-risk derivative product.

The industry views the case as part of a trend in which crypto exchanges repackage widely recognised unlisted company stories into products that can trade 24 hours a day. Assets like SpaceX, with strong narratives and attention, are seen as suited to such structures.

Whether tokenised pre-IPO products prove to be a fleeting focus or become a separate investment category is expected to depend on whether trading continues after initial demand.