Singapore, October 29, 2026, Chainwire —LBank announces the launch of its Pre-IPO market, with the first issuance linked to Kalshi opening for subscription on October 29. This new market is designed to allow eligible users to gain exposure to certain private companies before their potential listing. Users can complete subscriptions, hold assets, and conduct eligible transactions through a LBank account. This launch also signifies that LBank's business scope will expand from traditional crypto markets to tokenized private market opportunities.
This Pre-IPO market aims to simplify the participation process by integrating the subscription and asset holding procedures into the existing LBank platform, eliminating the need for users to open a separate securities brokerage account. Through tokenization, eligible users can gain economic exposure related to the future public market performance of a certain company, subject to compliance with the relevant issuance terms. LBank indicates that as the market develops, plans are in place to introduce more opportunities based on this model.
In the first issuance that is linked to Kalshi, users can choose between two types of tokenized assets with different pricing and liquidity arrangements. cKLSH is priced at 28 USDT and will enter a six-month lock-up period after IPO is completed; xKLSH is priced at 39 USDT and is planned to be available for spot trading after the distribution is completed and trading begins on LBank. These two options correspond to a longer lock-up structure and earlier access to trading, respectively, for eligible users to choose from.
The total subscription quota for this issuance is 500,000 USDT. The minimum subscription for a single user is 10 USDT, and the maximum is 5,000 USDT. The subscription window is set from October 29 to November 2, 2026. Distribution will be based on both a base allocation and a proportional allocation, depending on qualification requirements and final distribution rules. The token distribution plan will begin at 09:00 on November 2 UTC. Live trading with xKLSH is also planned to start at the same time, but it will be subject to the final product arrangements and applicable rules.
The market combines a lower subscription threshold with various participation methods and adopts a distribution mechanism designed to expand the range of eligible users who can participate. According to the issuer, the tokens linked to Kalshi are supported 1:1 by the underlying Kalshi shares held by a special purpose entity (SPV). This structure is intended to link the economic exposure of the tokens to the underlying shares; however, holding these tokens does not grant direct ownership of Kalshi. Participation still requires compliance with the relevant product terms and eligibility restrictions.
Kalshi operates a US-based event contract exchange that covers topics such as economics, politics, sports, and other real-world events. In May 2026, the company announced the completion of a $1 billion financing round, with a valuation of $22 billion. Investors included Coatue, Sequoia Capital, a16z, Paradigm, Morgan Stanley, and ARK Invest. The tokenized assets linked to Kalshi were issued by Paimon, which provides a framework that enables eligible LBank users to gain economic exposure related to Kalshi in the event of potential IPO.
Looking to the future, LBank will continue to expand its Pre-IPO market, introducing more tokenization opportunities. By providing a more convenient and native encryption experience, it will connect eligible users with high-growth private companies.
About LBank
LBank was established in 2015 and is a globally leading cryptocurrency exchange with over 30 million registered users in 160 countries and regions. LBank claims to have a daily trading volume of over $23.81 billion and has maintained zero security incidents for 11 years, dedicated to providing a comprehensive and user-friendly trading experience. Through innovative trading solutions, the platform has helped users achieve an average return of over 130% on newly listed assets.
LBank has launched over 300 mainstream cryptocurrencies and more than 50 high-potential projects. LBank has achieved a 100x increase in value. It ranks first in Gems, Highest Gains, and Meme Share, leading the market with the fastest launch speed for altcoins, sufficient liquidity, and industry-leading trading guarantees, making it the preferred platform for global crypto investors.
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