Resolution criteria

• YES if OpenAI completes an initial public offering and its shares begin trading on a major U.S. exchange (NYSE or Nasdaq) before Bitcoin first prints at or above $250,000 on the CME CF Bitcoin Real Time Index (BRTI). Evidence: (a) OpenAI’s effective SEC Form S‑1 on EDGAR; (b) the exchange’s listing/IPO page showing the first trading day; (c) BRTI crossing timestamp. Use UTC for all timestamps; if timestamps are identical, resolve NO (not “before”). (sec.gov)

• NO if Bitcoin (BRTI) reaches $250,000 first, or if OpenAI goes public via a method other than an IPO (e.g., direct listing/SPAC) before $250,000 is reached and no IPO has occurred yet. BRTI is the primary price source; if BRTI is unavailable at the relevant time, use CoinDesk’s XBX as fallback. (cfbenchmarks.com)

Background

• An IPO requires filing a registration statement (typically Form S‑1) with the SEC and commencing trading on an exchange. NYSE and Nasdaq publish official listings/IPO calendars useful for verifying first trade dates. (sec.gov)

• Bitcoin reference pricing: CME CF BRTI publishes a USD price every second and is widely used as a benchmark; CoinDesk’s XBX is a well-known multi-exchange spot index. As of late September 2025, both track BTC well below $250,000. (cfbenchmarks.com)

Considerations

• “IPO” is interpreted strictly: a direct listing or SPAC merger does not count unless accompanied by a bona fide initial public offering.

• If OpenAI lists outside the U.S., it does not count unless and until an IPO occurs on NYSE or Nasdaq.

• Only the first event matters; once either condition is met per the sources above, the market resolves immediately.