Unitree Crypto Futures Valued at $40 Billion, IPO at $9 Billion

The crypto futures linked to Unitree Robotics have surged ahead of the Chinese humanoid robot manufacturer's stock market debut. The IPO is set at a valuation of $9 billion, while perpetual contracts on Hyperliquid fluctuated between $92 and $94, implying a valuation of around $38-40 billion, more than four times the placement price. Founded in 2016 in Hangzhou, Unitree priced its shares at 150.80 yuan ($22.37) each, raising $900 million. Demand from retail investors was record-breaking, with the online tranche oversubscribed more than 8,000 times. The stock debuted on Shanghai's Star Market, becoming the first humanoid robot company to list on the Chinese mainland market. The crypto derivatives linked to Unitree have accumulated about $9.1 million in open interest and $59 million in total volumes. Analysts warn that the high premium of the futures compared to the IPO price could lead to a rapid adjustment, with potential significant liquidations for leveraged positions.

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