Key facts
- Binance, Bybit, and Bitget canceled tokenized SpaceX IPO offerings.
- The cancellations were attributed to xStocks' failure to secure IPO allocations.
- SpaceX shares (SPCX) surged over 26% on their Nasdaq debut.
- SpaceX's market capitalization exceeded $2.2 trillion post-IPO.
- Binance is distributing $1 million in SpaceX shares to affected campaign participants.
Major crypto exchanges Binance, Bybit, and Bitget have canceled their tokenized SpaceX share offerings following the company's initial public offering on the Nasdaq. The cancellations were attributed to the tokenized equity platform xStocks' inability to secure allocations of the underlying SpaceX shares.
Despite the canceled offerings, shares of SpaceX (SPCX) surged over 26% from their IPO price of $135, trading at $172.31 and pushing the company's market capitalization above $2.2 trillion. Binance stated that due to circumstances outside its control, it had to cancel its SPCXx campaign and is distributing $1 million worth of SpaceX shares via its bStocks platform to participants. Bybit also refunded customers and is providing an additional interest reward.
Traders were able to gain exposure to SpaceX before its public listing through decentralized exchanges like Hyperliquid, where pre-IPO perpetual contracts for SPCX amassed over $240 million in open interest. Coinbase International also offered a similar product for price discovery.