Key facts
- Bybit and Binance are refunding users for SpaceX IPO subscriptions due to xStocks failing to deliver assets.
- Binance will also distribute $1 million in bStocks tokens (SPCXB) to compensate participants.
- The Binance Wallet's SpaceX IPO subscription campaign had attracted $557 million in funding.
- SpaceX stock debuted on Nasdaq at $150 per share, an 11% increase from its $135 IPO price.
- SpaceX's market capitalization exceeded $2 trillion following its IPO.
Crypto exchange Bybit has announced a full refund of subscription funds for the SpaceX IPO, citing its inability to secure underlying assets from xStocks. This failure prevented users from receiving any allocations for the highly demanded stock. Bybit will credit users' original funding accounts and provide an additional reward equivalent to 10% APR over four days.
Binance also canceled its related SpaceX IPO campaign due to "circumstances outside of their control," refunding all participating users in USDC. As a gesture of goodwill, Binance will distribute $1 million worth of bStocks SpaceX tokens to participants by June 18. The Binance Wallet's subscription had previously attracted $557 million in funding.
The SpaceX IPO itself was reportedly oversubscribed by more than four times. The company's stock debuted on Nasdaq at $150 per share, an 11% increase from its IPO price of $135. This listing marks the largest IPO in U.S. history, propelling SpaceX's market capitalization to over $2 trillion and making its founder, Elon Musk, the world's first trillionaire.