Conversion rates reflect the probability that an application advances to a formal listing offer.

Tier 1 exchanges often operate with sub-1% conversion rates, reflecting internal pipeline constraints and selectivity. Tier 2 and Tier 3 venues may show materially higher conversion — sometimes exceeding 20–50% — due to different commercial models and approval thresholds.

Importantly, high conversion does not imply high value. Approval probability and venue quality are separate variables. The objective is not maximizing acceptance — it is maximizing long-term liquidity quality and market credibility.