LBank Goes Pre-IPO: Kalshi Exposure Lands With Lock-Up Options and a Trading Twist

LBank has announced a Pre-IPO market offering eligible users economic exposure linked to private companies ahead of potential public listings, beginning with subscriptions for a Kalshi-linked product opening on October 29.

The offering provides two tokenized options: cKLSH, priced at 28 USDT and subject to a six-month lock-up following Kalshi’s IPO, and xKLSH, priced at 39 USDT and intended for spot trading on LBank once distribution begins. The total subscription quota is 500,000 USDT, with a minimum subscription of 10 USDT and a maximum of 5,000 USDT per user. Allocation combines a base allocation with proportional allocation, subject to eligibility requirements and final allocation rules.

The subscription window runs from October 29 through November 2, 2026. Token distribution and xKLSH spot trading are scheduled to commence on November 2 at 09:00 UTC, subject to the final product schedule and applicable rules. Subscription, asset holding, and eligible trading are available through a single LBank account without requiring users to open a separate securities brokerage account.

According to the issuer, the Kalshi-linked tokens are backed 1:1 by underlying Kalshi shares held through a special purpose vehicle (SPV). The structure links the tokens’ economic exposure to the underlying shares, but holding the tokens does not confer direct ownership rights in Kalshi. Participation remains limited by the relevant product terms and eligibility restrictions.

Kalshi operates a U.S. exchange for event contracts covering economics, politics, sports, and other real-world events. In May 2026, the company announced a $1 billion financing round at a $22 billion valuation, with investors including Coatue, Sequoia Capital, a16z, Paradigm, and an additional investor identified only as “Mo.”