Wintermute, a global algorithmic trading group in digital assets with over $3.5 trillion in annual trading volume, announced the execution of its first single-name equity CFD trade. The contract, with SpaceX (Nasdaq: SPCX) as the underlying, was traded on the company’s first day of public trading.

SpaceX priced its offering at $135 per share, raising approximately $75 billion at a valuation of around $1.77 trillion, the largest IPO on record, with books reported by Reuters to be covered multiple times over. With demand far exceeding allocation, the trade gave the counterparty exposure to SPCX within hours of the open, executed through an existing trading relationship.

Pricing on the contract is available around the clock, allowing exposure to be managed outside Nasdaq trading hours, including over weekends and holidays. Wintermute also plans to make SpaceX exposure available in tokenized form.

Evgeny Gaevoy, founder and CEO of Wintermute, said: “Demand for SpaceX was multiples of what the IPO could allocate, and most of it went unfilled. The stock stops trading at the close on Friday, and whatever happens over the weekend gets priced in on Monday morning. Wintermute was built to move fast when markets make history, and we did. SpaceX traded as a CFD on our desk on day one.”

The trade comes amid sustained growth in crypto CFD activity on Wintermute Asia’s OTC desk, as institutions increasingly use the instrument for capital-efficient access to a widening set of markets. Following the addition of tokenized gold and 24/7 crude oil CFD trading, single-name equities extend that range beyond crypto assets, indices, and commodities.

Source: Wintermute Group