Key facts
- Binance, Bybit, and Bitget canceled tokenized SpaceX pre-IPO offerings.
- The cancellations occurred because xStocks could not secure allocations of SpaceX shares.
- SpaceX shares surged over 26% on their Nasdaq debut.
- SpaceX's market capitalization exceeded $2.2 trillion post-IPO.
- Binance will distribute $1 million in SpaceX shares to affected participants.
Major crypto exchanges Binance, Bybit, and Bitget canceled their tokenized SpaceX pre-IPO offerings on Friday, refunding customers after the tokenized equities platform xStocks failed to secure the necessary share allocations. The issue stemmed from overwhelming retail demand for SpaceX's IPO, which far exceeded available shares, leaving many orders unfilled.
Despite the canceled offerings on these platforms, SpaceX shares (SPCX) surged over 26% from their IPO price of $135 on their Nasdaq debut, trading at $172.31 and pushing the company's market capitalization above $2.2 trillion. Binance stated that due to circumstances beyond 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.
Industry participants noted that the core problem was not the tokenization technology itself, but the difficulty in accessing and allocating the underlying real-world assets. While xStocks and its partners gathered over $1 billion in customer orders, final allocations from underwriters were insufficient to meet demand. Even traditional brokerages saw retail investors receive only partial allocations. Tokenization platforms like Dinari emphasized that creating a token is simple, but securing the actual asset within a regulatory framework is the critical challenge.
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.