Bybit will list SHEINUSDT Pre-IPO Tradfi Perpetual Contracts, offering leveraged trading exposure to Shein before their anticipated initial public offerings (IPOs).

Pre-Market Trading Schedule for SHEINUSDT

• Call Auction: Starts on Aug 27, 2026, 8:00AM UTC

• Order Withdrawal: Available for 20 minutes after the Call Auction starts.

• Match-Making Tradeoff: Begins 25 minutes after the Call Auction starts.

• Continuous Auction: Begins 0.5 hour after the Call Auction starts (if the match-making tradeoff succeeds).

Contract specifications:

*The estimated share count is provided for informational purposes only. It does not constitute a representation, warranty, recommendation, or investment advice. The actual share count will be confirmed after the company's S-1 filing. Bybit will adjust the Contract Size accordingly.

What is a Pre-IPO Perpetual Contract?

A Pre-IPO Perpetual Contract lets you trade a company's estimated valuation before it goes public. The contract is settled in USDT. You do not own company shares. Instead, you trade price movements.

Key Mechanisms

Pricing

The contract price is based on the estimated share price multiplied by the estimated number of shares, which approximates the company's market capitalization. Before the Rebase, one contract represents approximately 1/4250000000 of the company's estimated market capitalization.

Rebase (Proportional Adjustment)

When the actual share count becomes available, such as through the company's S-1 filing, Bybit may perform a Rebase to align the contract with the actual share structure. We will publish a separate announcement before the Rebase. After the Rebase, one contract equals one actual share, while your position value remains substantially unchanged.

Please note:

• Bybit reserves the right to adjust the launch time and specifications of each contract at any time, including but not limited to tick size, leverage, margin rates, order limits, funding rate, and price data sources, with or without prior notice.
• Pre-IPO Perpetual Contracts are synthetic derivative instruments that let you trade a company's estimated valuation before it goes public. You do not own company shares. Contract prices are determined by market supply and demand and may not reflect the actual share price after IPO. Bybit is not affiliated with or endorsed by the referenced company.
• When the actual share count becomes available, Bybit may perform a Rebase (proportional adjustment). If the IPO is canceled or restructured, Bybit may delist the contract or settle at a price determined at its sole discretion. Following IPO completion, the contract will be automatically converted into a standard TradFi Perpetual Contract. Separate announcements will be published before any Rebase or conversion.
• Trading involves significant risks, including total loss of margin due to leverage and heightened volatility typical of pre-IPO instruments. This product may not be available in all jurisdictions. By trading, you confirm that you understand and accept all associated risks. This does not constitute investment advice. For full risk disclosures and terms, please refer to our Help Center.
• Bybit reserves the right to amend or cancel this announcement at any time without prior notice.
• If you have any questions, feel free to contact our Customer Support.