Bybit Launches tokenized IPO Access with SpaceX Debut

Bybit will let eligible users subscribe to tokenized shares in US initial public offerings at the offering price, beginning with a SpaceX listing through the xStocks framework. Users can register interest and submit subscription requests on Bybit; allocations are distributed pro rata and unused funds are refunded if demand exceeds available shares.

Kraken parent Payward Services' xStocks aggregates investor demand across partner platforms and works with underwriting syndicates to secure IPO allocations before tokenizing the shares. RWA.xyz data shows xStocks is the second-largest tokenized stock platform by value, with roughly $415 million in tokenized equities and a 28% market share.

On listing day, allocated shares are tokenized and backed 1:1 by underlying equity held in regulated broker-dealer custody, and Bybit plans to list the SpaceX tokens on its spot market on Friday.

United States

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