Date: 09 June 2026
These Pre-IPO xStocks Terms of Service (the "Terms") constitute a legal agreement between you (the "User", "you", or "your") and Crypto Wallet ("Crypto Wallet", "Wallet", "we", "us", or "our"), governing your access to and use of the Pre-IPO Tokens feature made available through Crypto Wallet.
These Terms form an integral part of Crypto Wallet's User Agreement and should be read together with the xStocks Terms of Service (the "xStocks Terms"). Unless expressly stated otherwise herein, all provisions of the User Agreement and the xStocks Terms apply to the Pre-IPO feature and are incorporated into these Terms by reference.
In the event of any inconsistency between these Terms and the xStocks Terms, these Terms shall prevail solely with respect to matters relating to the Pre-IPO feature.
By accessing or using the Pre-IPO feature, submitting a Subscription Request, or otherwise participating in a Pre-IPO offering, you acknowledge that you have read, understood, and agree to be bound by these Terms, the User Agreement, the xStocks Terms, and any other applicable policies.
If you do not agree to these Terms, you must not access or use the Pre-IPO Tokens feature.
Capitalized terms used but not defined herein shall have the meanings assigned to them in the User Agreement and, where applicable, the xStocks Terms.
For the purposes of these Terms, the following terms shall have the meanings set out below. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the User Agreement and the xStocks Terms:
Subscription Request means a request submitted by a User to participate in a Pre-IPO allocation process in respect of future xStocks linked to an issuer that has not yet completed its IPO.
Allocation means the quantity of xStocks allocated to a User following completion of the IPO and confirmation of allocation results by the underwriters.
Subscription Window means the period during which Users may submit, modify, increase, decrease, or cancel Subscription Requests.
Subscription Closure means the time designated by us after which Subscription Requests may no longer be modified, withdrawn, cancelled, or submitted.
Indicative Price Range means the preliminary, non-binding price range displayed during the Subscription Window and provided for informational purposes only.
Expected Subscription Price means the indicative, non-binding per-unit price displayed in respect of a Subscription Request during the Subscription Window, provided for informational purposes only. The Expected Subscription Price is not the price at which xStocks are ultimately acquired.
Final IPO Offering Price means the fixed per-unit price, determined in connection with the IPO by the issuer and/or underwriters, at which an Allocation is settled. The Final IPO Offering Price applies regardless of the market price of the relevant xStocks once trading commences.
Reserved Funds means the amount held and made unavailable in your Wallet upon submission of a Subscription Request, as described in Section 2, pending confirmation of allocation results, cancellation of the offering, or release in accordance with these Terms.
Allocation Partner means the third party that receives an allocation in connection with the IPO and through which the corresponding xStocks are made available to Users, as further described in the xStocks Terms.
2.1. During the Subscription Window, eligible Users may submit one or more Subscription Requests in respect of future xStocks expected to become available following completion of an IPO. During the Subscription Window, Subscription Requests may be modified, increased, reduced, replaced, or cancelled. Following Subscription Closure, all Subscription Requests become final and irrevocable.
2.2. Upon submission of a Subscription Request, the corresponding amount of funds shall be reserved and unavailable for use within the Wallet. Such funds shall remain reserved until allocation results are confirmed, the offering is cancelled, or the reserved funds are otherwise released in accordance with these Terms. Any Expected Subscription Price, fixed price, target price, or other pricing information displayed within Crypto Wallet is provided for informational purposes only and may change before allocation is finalized. In exceptional circumstances, the final acquisition price of allocated xStocks may differ from any displayed Expected Subscription Price due to issuer requirements, underwriter decisions, pricing adjustments, market conditions, operational constraints, fees, taxes, currency conversion effects, settlement requirements, or other circumstances beyond our control.
2.3. Following completion of the IPO, the issuer and underwriters shall determine the Final IPO Offering Price and allocation results. The Final IPO Offering Price may differ materially from the Indicative Price Range and may be determined above, below, or outside such range.
2.4. Upon confirmation of allocation results, the corresponding amount of reserved funds shall be debited from your Wallet balance and the allocated quantity of xStocks shall be credited to your Wallet. Any excess reserved funds shall be released and returned to your available balance.
2.5. Allocation of xStocks following completion of the IPO is not guaranteed. Offerings may be oversubscribed, and Users may receive a full allocation, a partial allocation, or no allocation at all. Allocation results are determined solely by the issuer, underwriters, and applicable allocation methodology. We do not guarantee any allocation amount and have no control over the allocation process.
2.6. Following completion of the IPO, allocated xStocks may be credited to your Wallet and may become available for trading subject to legal, regulatory, operational, technical, liquidity, commercial, and risk-management considerations. Neither completion of an IPO nor receipt of an Allocation guarantees that xStocks will become available for trading, remain available for trading, maintain liquidity, or be supported by Crypto Wallet for any particular period of time.
2.7. You acknowledge and agree that an Allocation is acquired at the Final IPO Offering Price, which is a fixed price determined in connection with the IPO, and not at the market price of the relevant xStocks once trading commences. The market price of xStocks following the commencement of trading may be higher or lower than the Final IPO Offering Price, and you will neither receive the benefit of, nor be charged, any difference between the Final IPO Offering Price and any subsequent market price in respect of your Allocation.
2.8. Applicable fees are disclosed within Crypto Wallet at the time you submit a Subscription Request.
2.9. If an IPO is cancelled, withdrawn, or otherwise does not proceed, no Allocation will be made, all corresponding Reserved Funds (including any reserved fee amount) will be released in full and returned to your available balance, and any related lock or hold will be removed.
3.1. The risk disclosures set forth in Section 3 of the xStocks Terms apply in full to the Pre-IPO feature and are incorporated herein by reference. In addition, you acknowledge and accept that any Indicative Price Range, Expected Subscription Price, target price, fixed price, or other pricing information displayed within Crypto Wallet is based on information available at the relevant time and may be subject to change. In exceptional circumstances, including changes imposed by the issuer, underwriters, regulators, market conditions, allocation methodology, operational requirements, settlement arrangements, fees, taxes, currency conversion effects, or other factors beyond our reasonable control, the final acquisition price of allocated xStocks may differ from any price previously displayed within Crypto Wallet. Allocation is not guaranteed, and you may receive a full allocation, a partial allocation, or no allocation at all, regardless of the size of your Subscription Request. No minimum allocation is guaranteed, and we make no representation or warranty regarding the quantity of xStocks, if any, that may ultimately be allocated to you.
3.2. During the period between submission of a Subscription Request and completion of the IPO allocation process, Users may be unable to access, use, withdraw, or otherwise deploy reserved funds. The duration of such reservation period is outside our control and may be extended due to issuer, underwriter, regulatory, operational, or market-related factors.
3.3. If the underlying IPO is cancelled, suspended, indefinitely delayed, withdrawn, repriced, fails to proceed, or otherwise does not occur as anticipated, Subscription Requests may be cancelled and any resulting allocation may be reduced or unavailable. The timing, pricing, allocation methodology, settlement process, and availability of any resulting xStocks depend on the issuer, underwriters, regulators, exchanges, and other third parties, and are outside of our control. We make no representation or warranty regarding the completion, timing, pricing, or outcome of any IPO, allocation process, or subsequent availability of xStocks.
3.4. Allocated xStocks may be subject to trading restrictions, settlement delays, lock-up requirements, or other limitations imposed by the issuer, underwriters, regulators, exchanges, counterparties, or applicable law.
3.5. Nothing within Crypto Wallet, including subscription opportunities, issuer information, pricing information, Indicative Price Ranges, Expected Subscription Prices, market commentary, analytics, educational materials, expected valuation information, or any other content, constitutes investment advice, financial advice, investment research, a recommendation, endorsement, solicitation, or invitation to participate in any IPO, submit a Subscription Request, or acquire any asset. Any decision to participate in the Pre-IPO feature is made solely at your own risk and based on your own assessment of the relevant risks.
3.6. You further acknowledge that regulators, governmental authorities, stock exchanges, securities depositories, market operators, courts, underwriters, issuers, or other competent bodies may impose restrictions, investigations, enforcement actions, disclosure requirements, trading halts, suspensions, allocation limitations, eligibility requirements, or other measures affecting the underlying IPO, the subscription process, the allocation process, any resulting xStocks, or the availability of the Pre-IPO feature. Such actions may result in delays, changes to pricing, reduced or cancelled allocations, suspension of trading, delisting, loss of liquidity, reduction in value, or complete termination of the offering or related services.
3.7. Without limiting any rights available under the User Agreement or the xStocks Terms, we may at any time suspend, restrict, modify, postpone, terminate, cancel, discontinue, or otherwise alter any offering, subscription process, allocation process, or related service where required or requested by an issuer, underwriter, counterparty, regulator, applicable law, court order, market conditions, liquidity constraints, operational considerations, technical limitations, risk-management considerations, or any other circumstance which, in our reasonable opinion, makes continued operation undesirable, impractical, impossible, or unlawful.
4.1. Crypto Wallet does not control, manage, sponsor, underwrite, organize, or guarantee any IPO and makes no representation or warranty regarding whether any IPO will proceed, complete, achieve any valuation, receive regulatory approval, result in any allocation, or lead to the issuance, availability, or trading of any resulting xStocks.
4.2. Crypto Wallet is not responsible for the determination of any Indicative Price Range, Expected Subscription Price, Final IPO Offering Price, allocation methodology, allocation results, subscription demand, underwriter decisions, issuer decisions, eligibility criteria, pricing adjustments, or any other actions or decisions of third parties.
4.3. Crypto Wallet makes no representation or warranty regarding the future value, profitability, liquidity, market performance, availability, tradability, suitability, or investment outcome of any resulting xStocks.
4.4. Crypto Wallet does not guarantee that any resulting xStocks will become available for allocation, issuance, trading, transfer, or continued support within Crypto Wallet, nor that any such xStocks will maintain liquidity, trading volume, market value, or availability for any particular period of time.
4.5. The Pre-IPO feature is provided on an "as is" and "as available" basis. We do not guarantee uninterrupted availability of Crypto Wallet, subscription functionality, allocation systems, settlement systems, trading infrastructure, blockchain networks, custody systems, APIs, interfaces, market data, pricing information, or any related services.
4.6. The Pre-IPO feature relies upon issuers, underwriters, custodians, market makers, liquidity providers, exchanges, regulators, blockchain operators, technology providers, data providers, and other third parties. We are not responsible for any act, omission, delay, error, insolvency, misconduct, failure, suspension, restriction, termination, or other event attributable to any such third party.
4.7. To the fullest extent permitted by applicable law, Crypto Wallet shall not be liable for any losses arising from or relating to:
(a) any IPO cancellation, postponement, suspension, repricing, withdrawal, delay, or failure to complete;
(b) any difference between any Indicative Price Range, Expected Subscription Price, target price, fixed price, or other pricing information displayed within Crypto Wallet and the final acquisition price of any allocated xStocks;
(c) any allocation decision, reduced allocation, over-subscription, under-subscription, or failure to receive an allocation;
(d) any inability to participate in an offering, submit, amend, cancel, or maintain a Subscription Request;
(e) any inability to receive, trade, transfer, sell, settle, hold, or otherwise dispose of allocated xStocks;
(f) any reduction in value, impairment, illiquidity, devaluation, market decline, volatility, or total loss relating to allocated xStocks;
(g) any suspension, restriction, cancellation, modification, discontinuation, termination, or withdrawal of an offering, subscription process, allocation process, or related service;
(h) any downtime, interruption, technical malfunction, cybersecurity incident, service degradation, loss of connectivity, processing delay, data error, pricing error, or unavailability of Crypto Wallet or related systems;
(i) any act or omission of an issuer, underwriter, custodian, counterparty, regulator, exchange, market operator, service provider, or any other third party; or
(j) any loss of profits, loss of opportunity, loss of expected returns, loss of business, loss of goodwill, loss of reputation, loss of data, or any indirect, consequential, incidental, special, exemplary, or punitive damages.