Crypto Futures Predict Billion-Dollar Valuation for China's Largest DRAM Maker

China's largest IPO in over a decade, worth $8.6 billion, was pulled off by ChangXin Memory Technologies on July 27, listing on Shanghai's STAR Market at a price of 8.66 yuan ($1.28) per share.

The company is now China's largest DRAM manufacturer by capacity and ranks fourth globally, putting it in direct competition with Samsung, SK Hynix, and Micron.

But the real plot twist happened two weeks earlier when a crypto platform launched a pre-IPO perpetual futures contract for CXMT on the Hyperliquid blockchain, allowing traders to bet on the outcome using USDC.