Research

CXMT and Unitree Futures Are Live on BiFu

BiFu has added CXMT and UNITREE USDT-margined perpetual futures. This research note explains the two companies, their different market drivers, and the contract risks traders should check.

2026-08-12 · 9 min read

Research

Tokenized Private Funds vs Direct Private Equity: What the Token Wrapper Does Not Change

Tokenized private funds and direct private equity can both involve private-market exposure, but they are different structures. This article compares what changes and what does not.

2026-07-20 · 7 min read

Research

IRR, MOIC, and the J-Curve: Why Do Early Private Fund Numbers Mislead?

Private funds report performance with IRR, MOIC, TVPI, DPI, and RVPI, and each metric can look very different in the early years of a fund. This article explains what each number measures, how cash flow timing and unrealized marks distort them, why the J-curve makes early figures unreliable.

2026-07-14 · 11 min read

Market Insights

Pre-IPO RWA Platforms: How Access Models Differ

Platforms offering pre-IPO RWA access typically use one of three structures: a feeder fund, a dedicated SPV, or a direct tokenized share meant to track the underlying stock.

2026-07-13 · 6 min read

Market Insights

The Pre-IPO Secondary Market: Size, Access, and What Is Changing

The market for buying and selling shares of private, venture-backed companies before they go public has grown as companies stay private longer, though no single source tracks its total size precisely.

2026-07-13 · 6 min read

Research

Follow-On Investment Rights in Pre-IPO RWA Explained

Follow-on investment rights let an early investor keep buying pro-rata in a private company's later funding rounds so their ownership stake is not diluted over time.

2026-07-11 · 8 min read

Research

Pre-IPO, Private Funds, and Private Bonds: What Is the Difference?

Pre-IPO equity, private funds, and private bonds are often grouped under the same RWA label, but they carry different return sources, terms, exit paths, and risks.

2026-07-10 · 10 min read

Research

How Do Pre-IPO Valuations Work? Funding Rounds, Marks, and Why the Last Price Is Not the Price

Pre-IPO valuations come from funding rounds, not from a live market. This article explains how round pricing works, why preferred stock terms make headline valuations overstate what common shares are worth, what down rounds and stale marks mean, why IPOs can price below the last private round.

2026-07-10 · 10 min read

Market Insights

Why Hong Kong IPOs Are Drawing Attention Again in 2026

Hong Kong's IPO market has become an active listing venue for new-economy companies. This piece explains what is driving the interest, what the anchor placement window is, and why access to it has traditionally sat with institutions.

2026-07-07 · 5 min read