Jio Platforms trades on crypto rails ahead of its record IPO

Jio Platforms has not rung an opening bell yet. Crypto traders are already pricing it anyway. Bloomberg reported that the Reliance Industries subsidiary is trading on crypto platforms ahead of its listing on Indian exchanges. The vehicle is a synthetic futures contract, not a share. Its arrival lands just days before what is anticipated to be India’s largest initial public offering. A pre-IPO bet with 20x leverage On October 14, 2026, crypto exchange Bitget rolled out a pre-IPO perpetual futures contract called JIOUSDT. It is tied to Jio Platforms’ expected market valuation. A perpetual future is a derivative with no expiry date. Traders can hold a position as long as they keep enough collateral posted. The JIOUSDT contract trades around the clock, every day of the week. Funding settles every eight hours. Funding payments flow between traders who are long and traders who are short, and they help keep the contract price anchored to its reference. Leverage goes up to 20 times. That means a trader can control a position 20 times larger than the cash they put down. It also means small price moves can wipe out an account quickly. Crucially, holding JIOUSDT does not make anyone a Jio sha...