Major crypto exchanges cancel tokenized SpaceX IPO allocations

Major crypto trading platforms Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns as SpaceX went public on the Nasdaq on Friday. The IPO, reportedly more than four times oversubscribed, raised $75 billion. Shares opened at $150, up from the IPO price of $135, and closed at $161.11, valuing the company at over $2 trillion.

Platforms said they could not secure the underlying allocations needed to deliver tokenized access, blaming Kraken-owned xStocks for failing to provide the assets. Bybit, which had offered access through its Bybit IPO Express, said: "Due to xStocks’ inability to deliver the underlying assets, no SpaceX allocations were received.

As a result, subscribed users will not receive SpaceX allocations." Binance disclosed that its campaign, which drew more than $557 million in USDC deposits, could not proceed "due to circumstances outside of our control." Binance Wallet had also relied on xStocks.

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