Clay

This section covers three distinct questions a leveraged trader should work through before opening a position: how CoinUnited's CLAY CFD differs from conventional private-market access channels, what the valuation progression signals about institutional sentiment, and which risks are specific to synthetic CFD exposure on a private company.

The Access Wedge

Conventional pre-IPO platforms, EquityZen, Forge Global, Hiive, and similar secondary marketplaces, generally restrict participation to accredited investors and carry substantial minimum commitment sizes that place them out of reach for most retail participants. The structural requirement to verify accredited status also introduces paperwork and waiting periods.

CoinUnited's CLAY instrument approaches the same underlying exposure differently. It is a pre-IPO CFD: a synthetic contract that tracks Clay's private-market reference price. No accreditation is required. Minimum exposure starts from US$100.

Accounts are funded and withdrawn in crypto, so no traditional bank account is needed and onboarding bypasses the documentation process typical of conventional brokerages. The instrument follows a scheduled trading session, closes at weekends, and observes market holidays; the session and holiday calendar is shown on the platform before you trade.

This structure does not replicate equity ownership. The CFD confers no shareholding, voting rights, dividends, or IPO allocation. It provides only synthetic price exposure to the private-market reference price.

Valuation Re-Rating and Institutional Positioning

Clay's private-market valuation has moved materially across successive rounds.

The composition of this investor group is relevant context. Wellington Management is a crossover fund, a category of investor that allocates across both private and public markets and typically positions in late-stage private companies ahead of potential liquidity events.

For a trader taking synthetic price exposure, this trajectory describes the reference price's historical direction, it does not predict future movement.

Risk Factors Specific to Pre-IPO CFD Exposure

Several risk categories apply to this instrument and are distinct from those associated with listed equity:

Traders should review the fee schedule before entering a position. Fees on the CLAY instrument are not zero at the standard tier and follow CoinUnited's volume-tiered structure; the rate applicable to your account level is available at https://coinunited.io/en/account/trading-fees.

The CoinUnited CLAY instrument is a pre-IPO CFD that provides synthetic price exposure to Clay's private-market reference price. It is not a listed equity, and position outcomes depend exclusively on movements in that reference price, not on any exchange-quoted share price. Understanding the mechanics of this specific instrument is essential before allocating capital.

How the CFD Reference Price Works

Because Clay is a private company, its reference price is derived from secondary-market transactions, primary funding rounds, and tender offers, discrete events rather than a continuous auction. This means the reference price can reprice in steps rather than ticking gradually, a structural characteristic that differs materially from public equity CFDs.

Between repricing events, the reference price may be relatively stable; when a new data point emerges, a fresh funding round, a secondary block trade, or a material corporate development, it can adjust abruptly. Traders should treat this gap risk as a defining feature of the instrument, not an anomaly.

Worked Leverage Example (100x)

The CLAY instrument supports a maximum leverage of 100x, subject to product, jurisdiction, and account eligibility. Leverage amplifies both gains and losses and can result in liquidation before losses exceed the margin posted. The following example is hypothetical and uses exact arithmetic at 100x.

Step by step: a US$500 margin deposit at 100x creates US$50,000 of notional exposure. A 1% upward move in the reference price produces a US$500 gain, equalling the full margin. A 1% downward move produces a US$500 loss, also equalling the full margin. At that point, the position approaches liquidation.

Given that private-market reference prices can reprice in discrete jumps rather than incremental ticks, a single repricing event could traverse a 1% threshold without an intermediate price level at which to manage the position, underscoring why position sizing must account for gap risk.

Position Sizing for Pre-IPO Volatility

Conventional position-sizing frameworks assume relatively continuous price discovery. For a pre-IPO CFD, that assumption does not hold. A funding round announcement or IPO filing can shift the reference price in a single step. Practical considerations include:

• -Reduce notional size relative to liquid equity positions. The minimum exposure on the CLAY instrument starts from US$100, which allows traders to build smaller initial positions that can be scaled if conditions warrant.
• -Margin buffer matters more than usual. Because gap risk is higher, holding excess margin beyond the minimum required reduces the probability of automatic liquidation during a discrete reprice.
• -No accreditation is required, and accounts are funded in crypto, no traditional bank account is needed, but the fee schedule (tiered by 30-day volume across nine VIP levels) applies from the first trade. The current rate for your account level is displayed at coinunited.io/en/account/trading-fees.

Trading Session Structure and Weekend Gap Risk

The CLAY instrument follows a scheduled trading session. It is closed at weekends and observes market holidays. The exact session hours and holiday calendar are shown on the platform before you place a trade; always confirm these before entering or holding a position.

Weekend gap risk is a direct consequence of this session structure. Private-market events, a new funding round, an IPO announcement, or a material corporate development, do not pause for market closures.

If such an event occurs over a weekend or during a holiday, the reference price will reflect it when the session reopens, and open positions will be marked to the new reference level without the opportunity to exit at intermediate prices. Traders holding positions into a session close should assess their exposure to this scenario and consider whether their margin buffer is adequate.

IPO Event Handling

If Clay proceeds to a public listing, open synthetic positions in the CLAY CFD will be subject to specific handling, whether settlement, conversion, or closure, as governed by CoinUnited's product terms. These terms, and any platform notifications issued ahead of an anticipated IPO event, should be reviewed carefully before the event date.

The treatment of pre-IPO CFD positions at the point of a company's listing is not standardised across platforms, making it essential to rely on CoinUnited's stated terms rather than assumptions drawn from other products or brokers.