Bybit Announces Listing of SHEINUSDT Pre-IPO Perpetual Contracts

On August 27, 2026, Bybit will introduce SHEINUSDT Pre-IPO Tradfi Perpetual Contracts, providing traders with the opportunity to speculate on Shein's estimated valuation prior to its initial public offering. The trading schedule begins with a call auction at 8:00 AM UTC, followed by a brief period for order withdrawal, then a match-making tradeoff, and subsequently a continuous auction if the match succeeds. This product enables trading based on the company's estimated market capitalization, derived from its share price and share count, which will be confirmed after the company's S-1 filing.

The contract is settled in USDT and does not confer ownership of company shares. Instead, traders speculate on price movements, with the contract's value linked to the company's estimated valuation. The contract size will be adjusted after the actual share count is known, with a Rebase process to align the contract with the real share structure, ensuring that after Rebase, each contract represents one actual share.

This listing offers a novel way for traders to gain exposure to Shein's pre-IPO valuation, reflecting the company's anticipated market capitalization based on estimated share prices and counts. The announcement emphasizes that the share count is provisional and subject to confirmation through official filings.