Bybit cancels SpaceX IPO allocations due to share delivery failure

Key facts

• Bybit, Bitget, and Binance have canceled tokenized share allocations for the SpaceX IPO.
• The cancellations are due to the failure of platforms like xStocks to deliver the underlying shares.
• All affected users are receiving full refunds for their subscriptions.
• Some exchanges are offering additional compensation or future privileges to affected users.

Several cryptocurrency exchanges, including Bybit, Bitget, and Binance, have canceled their tokenized share allocations for Elon Musk's SpaceX IPO. This decision follows the inability of platforms like xStocks to secure and deliver the necessary underlying shares to fulfill customer subscriptions.

Bybit announced that no users would receive allocations due to xStocks' failure to deliver the assets, leading to automatic refunds of all subscription funds. The exchange also stated that eligible participants would receive an additional 10% reward as compensation.

Bitget reported a similar outcome, citing difficulties in securing and distributing the allocated SPCXx tokens. Users will receive a full refund, along with future tokenized IPO whitelisting privileges and a gas fee voucher. Binance also canceled its SPCXx IPO campaign, refunding locked USDC and offering participants a share of a $1 million airdrop of its upcoming SPCXB token.

Kraken has not yet publicly commented on the status of its SpaceX IPO allocation.