This trend in CBRS makes me think of Coinbase's IPO back in the day.

CBRS is listed on NASDAQ, opening at $350, nearly doubling from the issuance price of $185. trade.xyz's Pre-IPO perpetual contracts priced CBRS weeks in advance. After 10 PM last night, the trading volume of CBRS stock contracts surged, with the price rising from $290 to $380, and the hourly trading volume approaching $100 million. The 24-hour trading volume reached $280 million, with holdings of about $57.77 million, making it the platform's fourth most active stock contract. These types of perpetual contracts enable continuous trading and real-time pricing, allowing ordinary investors to participate in new stock pricing early. Traditional IPO gray markets and roadshows are being disrupted by on-chain finance, gradually eroding pricing power.