Bitget is listing a token claiming SPV exposure to SpaceX, not SpaceX equity itself — Republic's wrapper gives holders no voting rights and no direct cap table position. CEX order book price discovery on an underlying marked quarterly means retail eats the gap between token price and actual NAV during any volatility event. Republic has run SPV tokens for years (rSPACE, rNote); Solana/Bitget is new distribution for existing structure, not a new access primitive.

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