Pi Network and Bitget: Why You Can Trade Pi Before the Open Mainnet

INTRODUCTION 

The Pi Network has been one of the most talked-about blockchain projects of the decade, with millions of users mining the coin through their mobile phones.

Recently, news spread fast across the Pi community — users claimed they had withdrawn and sold their Pi coins on exchanges like Bitget, even though the project’s open mainnet hasn’t officially launched.

So, what’s really happening? How can people trade or withdraw Pi if it’s not yet fully listed? Let’s break it down clearly.

Understanding the Two Versions of Pi

Right now, there are actually two forms of Pi tokens circulating across the crypto space, and understanding the difference between them is key.

The first type is what most pioneers hold — the Mainnet Pi.

This is the genuine Pi coin that users mined through the official Pi Network mobile app and stored in their Pi Wallet after completing KYC. It lives on the Pi Network blockchain, which is currently in an enclosed mainnet phase. That means the coins are real and recorded on the Pi blockchain, but they can only move between wallets and apps approved within the Pi ecosystem — not yet to public exchanges or other blockchains

The second type is what exchanges like Bitget and a few others are trading — often called the Exchange Pi or IOU Pi.

These are not fake, but rather exchange-created versions of Pi that represent what the coin’s value might be once the official mainnet goes public. In other words, they’re placeholders — allowing traders to buy, sell, or speculate on Pi’s price ahead of its full launch.

Both types are real in their own environments, but only Mainnet Pi is recognized by the Pi Core Team as the authentic blockchain token. The exchange-traded versions are independent and operate outside Pi’s current network until the open mainnet becomes active.

Why Exchanges Like Bitget List Pi Early

Exchanges sometimes list coins before official mainnet launches to let traders speculate on future prices. This is called an IOU listing — an “I Owe You” agreement representing the future delivery of real tokens.

In this case:

Bitget and some other exchanges have created Pi (IOU) markets.

They allow users to deposit, trade, and withdraw Pi-like tokens.

These trades occur within the exchange’s internal systems, not on the Pi blockchain itself.

That’s why your Pi Wallet transactions aren’t visible on public explorers yet — the network is still enclosed.

How Pi Withdrawals to Bitget Work

Some Pi users have successfully “withdrawn” from their Pi Wallets to Bitget.

This can happen in a few ways:

1. Bitget has an internal wallet within the enclosed network that can receive Pi.
2. Third-party bridges convert your Pi into Bitget’s IOU version automatically.
3. Bitget manually matches your incoming Pi with equivalent IOU tokens in your account.

In all these cases, you receive real value on Bitget — you can trade or cash out — but technically, your trade is recorded on Bitget’s system, not the Pi blockchain.

The Pi Core Team’s Official Position

The Pi Core Team has clarified multiple times:

“Any listings outside the Pi Network’s enclosed mainnet are independent and not connected to the Pi blockchain until open mainnet.”

In simpler terms, they’re saying exchanges can list and trade Pi-like assets if they wish, but they’re not yet linked to Pi’s real blockchain records.

Market Analysis: The Value of IOU Pi

The Pi (IOU) market on exchanges like Bitget currently trades around $0.20 per Pi (as of late October 2025).

While this reflects speculative value, prices may change significantly once the open mainnet launches and real Pi coins enter the global supply.

Traders are essentially betting on future value, just as they would during a pre-launch phase of any major crypto project.

Miko’s Insight

“I personally tested the process — transferring Pi from my wallet and successfully selling it on Bitget.

It proves that liquidity and exchange infrastructure are forming, but it doesn’t yet mean the blockchain is open.

We’re in the bridge stage — real value is flowing, but the official on-chain connection hasn’t gone live.”

What Happens After the Open Mainnet

When the Pi Network opens its blockchain to the public:

All exchanges will be able to connect directly to the official Pi mainnet.

The IOU Pi tokens will likely be swapped 1:1 for real Pi.

Real blockchain transactions will become visible on public explorers.

Prices may stabilize as true supply and demand are established.

That will mark the moment when Pi moves from promise to full participation in the global crypto economy.

Conclusion

The mystery around Pi’s exchange listings has created both excitement and confusion. But the truth is clear: Pi Network’s enclosed mainnet is still the only official environment for real Pi coins.

Exchanges like Bitget provide speculative markets for early traders — a sign that the crypto world is watching Pi closely.

For pioneers, the best strategy remains patience, awareness, and secure asset management as Pi continues to transition toward global accessibility.

Disclaimer

The information in this article is for educational purposes only and does not constitute financial advice. FinanceCryptoPulse.com is not affiliated with, endorsed by, or sponsored by Pi Network or Bitget Exchange. Readers should conduct their own research before engaging in any cryptocurrency trading

Source: FinanceCryptoPulse.com Research

(Data references: Bitget Exchange, Pi Network updates,