Crypto Exchanges Bybit and Kraken Offer Tokenized IPO Access for SpaceX and Kraken
Cryptocurrency exchanges Bybit and Kraken are partnering with the xStocks tokenization platform to offer retail investors access to initial public offerings (IPOs) at the offering price, typically reserved for institutions. Bybit launches IPO Express with SpaceX as its first offering (June 7-11, 2026), while Kraken offers its own IPO and SpaceX access in over 110 countries. Tokenized shares are backed 1:1 by actual stock, trade on crypto exchanges, and provide economic exposure without voting rights. SpaceX seeks $75 billion at a $1.75 trillion valuation, with demand reportedly reaching $150 billion.
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SpaceX IPO Drives Historic Surge in Tokenized Stock Trading on Solana
Market commentator The Kobeissi Letter reported a historic surge in tokenized stock trading, driven by SpaceX's blockbuster IPO. On-chain volume of tokenized stocks reached $4.3 billion over the last 30 days, a 140% year-to-date increase and the highest monthly volume ever. Solana dominated all other blockchains, capturing 99% of tokenized SpaceX volume. Cumulative transfer volume of tokenized stocks surpassed $20 billion for the first time. Tokenized SpaceX shares (SPCXon) on platforms like Ondo Finance traded at a premium to the underlying stock. Additionally, over $15 billion in SpaceX perpetual futures were traded on crypto exchanges in 24 hours, with Binance accounting for 29% of volume. SpaceX stock closed at $201.50, up 4.83% in regular trading.
Yahoo FinanceSolana Foundation President Says Tokenized SpaceX Shares Coming to Solana Blockchain
Solana Foundation President Lily Liu announced that tokenized shares of SpaceX will be available on the Solana blockchain as soon as the company lists publicly. The tokenized asset, called SPCXon, will be offered via platforms including Ondo Finance, xStocks, and Sunrise, making it globally accessible except in the U.S. Ondo Finance confirmed over 200 assets, including major stocks like Nvidia and Microsoft, are already on its platform. xStocks also announced a derivative called $SPCXx for trading on Solana-based decentralized exchange Trojan Trading. Backpack Securities teased a similar tokenized version on Sunrise. Competition is intensifying, with Bybit also announcing a tokenized offering. Additionally, perpetual futures for pre-IPO speculation on SpaceX's valuation have been launched on Coinbase, Binance, and Hyperliquid. SpaceX is preparing for its IPO on Friday, aiming to raise $75 billion at a valuation of roughly $1.77 trillion.
Yahoo FinanceMajor Crypto Exchanges Cancel Tokenized SpaceX IPO Allocations on Debut Day
On June 12, 2026, major cryptocurrency platforms Bybit, Bitget Wallet, and Binance Wallet canceled their tokenized SpaceX IPO (SPCXx) campaigns on the same day SpaceX began trading on Nasdaq. The stock opened at $150, quickly topped $160, and pushed SpaceX past a $2 trillion market capitalization. The platforms blamed xStocks, the protocol wrapping real equities into blockchain tokens, for failing to deliver the underlying assets. Bybit cited inability to deliver allocations, Bitget Wallet cited unforeseen market circumstances, and Binance cited circumstances beyond its control. All three are processing automatic 100% refunds. Bybit is paying a 10% APR bonus over four days; Bitget Wallet is refunding its 5% handling fee, whitelisting wallets, and offering $10 gas fee vouchers; Binance pledged a $1 million airdrop of its own SPCXB token by June 18 and pointed users to its US equities service for direct SPCX trading.
Yahoo FinanceBinance Cancels SpaceX IPO Allocations Due to Stock Shortage
Cryptocurrency exchange Binance canceled its planned allocation of tokenized SpaceX stock due to a shortage of available shares after SpaceX's historic IPO on the Nasdaq on June 12, 2026. Binance had intended to offer tokenized shares at the IPO price of $135, but failed to secure enough shares, forcing it to issue refunds to customers. Other crypto exchanges like Bybit and Bitget faced similar issues. SpaceX shares began trading at $150, 11% above the IPO price, and closed near $164. Demand was unprecedented, with orders exceeding available shares by four times. SpaceX raised $75 billion at a $1.77 trillion valuation, making it the largest IPO in history. Founder Elon Musk's net worth surged to $1.05 trillion, making him the first trillionaire. Traditional brokers also struggled with demand, implementing lotteries and share restrictions.
Yahoo FinanceCrypto Firms Scrap Tokenized SpaceX Share Offerings After IPO Surge
On June 12, 2026, major cryptocurrency exchanges Binance, Bybit, and Bitget refunded customers who had subscribed to tokenized pre-IPO SpaceX shares (SPCX) after the tokenized equities platform xStocks failed to secure allocations of the underlying shares. The cancellations occurred as SpaceX shares surged over 26% in their public debut, trading at $172.31 after an IPO price of $135, pushing the company's market cap above $2.2 trillion. Binance distributed $1 million worth of SpaceX shares via its bStocks platform to affected participants, while Bybit offered additional interest rewards. xStocks disclaimed that its tokenized offerings provided price exposure only, not direct ownership. The tokenized offering was one of several crypto-based methods for traders to gain exposure to the highly anticipated SpaceX IPO, alongside products from Hyperliquid and Coinbase International.
Yahoo FinanceCrypto Firms Scrap Tokenized SpaceX Share Offerings as SPCX Surges After IPO
On June 12, 2026, major crypto exchanges Binance, Bybit, and Bitget refunded customers who had subscribed to tokenized pre-IPO SpaceX shares (SPCX) after the platform xStocks failed to secure allocations of the underlying shares. The tokenized offering was canceled due to overwhelming demand and xStocks' inability to deliver the assets. Binance is distributing $1 million worth of SpaceX shares via its bStocks platform to affected participants, while Bybit is offering additional interest rewards. SpaceX shares, initially priced at $135, surged over 26% to $172.31, pushing the company's market cap above $2.2 trillion and reportedly making Elon Musk the world's first trillionaire. The article notes that other platforms like Hyperliquid and Coinbase International offered similar pre-IPO exposure products.
Yahoo FinanceBinance, Bybit, and Kraken Receive Fewer SpaceX IPO Shares Than Expected; Bybit Gets None
Following SpaceX's record IPO on Nasdaq under ticker SPCX, crypto exchanges Binance, Bybit, and Kraken received far fewer tokenized shares than user demand required. Kraken allocated a flat 4.2786 SPCXx per subscriber regardless of commitment size, while Binance's campaign drew $557 million in USDC but was largely unfilled. Bybit received no allocation at all and fully refunded users. The shortfall was attributed to underwriters controlling distribution, not the exchanges. The event marks the first major stress test for tokenized IPO access, highlighting supply-side limitations despite strong demand.
Yahoo FinanceBybit Launches Tokenized SpaceX Pre-IPO via IPO Express in Partnership with xStocks and Kraken
Bybit, the world's second-largest cryptocurrency exchange, launched IPO Express on June 7, 2026, offering tokenized access to SpaceX's pre-IPO shares. The service, powered by xStocks tokenization infrastructure from Payward Services (Kraken's parent company), allows retail investors to subscribe to SpaceX tokens at an indicative price of 135 USDC per unit plus a 5% underwriting fee. Each token is backed 1:1 by real equity held in custody but carries no voting or dividend rights. The subscription window runs June 7-11, with trading starting June 12. Users from the US, UK, Canada, and Australia are excluded. Kraken launched a similar product (ticker SPCXx) on June 5, available in over 110 regions. The xStocks network has processed over $25 billion in total transaction volume across 50+ platforms. The article notes a recent 45% crash in a rival SpaceX perpetual as highlighting infrastructure risks.
Yahoo FinanceCrypto Users Gain Inside Lane to Buy SpaceX IPO via Tokenized Shares
SpaceX's highly anticipated IPO, seeking $75 billion, has drawn $150 billion in demand, leaving traditional retail investors with limited allocations. Crypto exchanges Bybit and Kraken offer an alternative route through tokenized shares (xStocks), allowing users to subscribe with USDC from June 7-11. Bybit's indicative price is $135 USDC plus a 5% fee, with a $100 minimum. Kraken's version trades under SPCXx in over 110 countries. These tokens, issued by Backed Assets (JE) Limited, provide economic exposure but no voting or dividend rights, and carry exchange liquidity risks. The article highlights the trade-off between accessibility and legal protections for investors.
Yahoo FinanceBybit Launches IPO Express With Tokenized SpaceX Access
Cryptocurrency exchange Bybit has launched IPO Express, a new product offering tokenized representations of IPO shares, starting with SpaceX as its first offering. Eligible users can subscribe via Payward Services' xStocks infrastructure using supported assets like USDC. Registration runs from June 7 to June 11, with allocation on June 11-12 and spot trading beginning June 12. SpaceX's IPO is set at $135 per share, aiming to raise $75 billion at a $1.75 trillion valuation, with demand reportedly double the amount sought. Bybit emphasizes that the tokens track economic exposure but do not confer voting rights, dividends, or direct ownership. The initiative aims to bridge traditional equity issuance with crypto exchange infrastructure.
Yahoo FinanceBybit Launches IPO Express With Tokenized SpaceX Access
Cryptocurrency exchange Bybit has launched IPO Express, a new product offering tokenized representations of IPO shares, starting with SpaceX as its first offering. Eligible users can subscribe via Payward Services' xStocks infrastructure using supported assets like USDC. Registration runs from June 7 to June 11, with allocation on June 11-12 and spot trading beginning June 12. SpaceX's IPO is set at $135 per share, aiming to raise $75 billion at a $1.75 trillion valuation, with demand reportedly double the amount sought. Bybit emphasizes that tokenized shares do not grant voting rights, dividends, or direct ownership, but provide economic exposure. The initiative marks a step toward merging traditional equity markets with crypto exchange platforms.
Yahoo FinanceCryptocurrency exchange Bybit to open SpaceX tokenized IPO access
Cryptocurrency exchange Bybit announced it will offer retail investors access to tokenized initial public offerings (IPOs) at the offering price, starting with SpaceX as its first offering. Bybit users can subscribe to tokenized representations of publicly traded equities via Payward's xStocks tokenization platform. Registration and subscription for the SpaceX offering run from June 7 to June 11, 2026, with allocations finalized between June 11 and June 12. Tokenized shares are expected to begin trading on Bybit's spot market from June 12. Users can purchase shares at IPO pricing without needing traditional brokerage accounts. SpaceX, which began its roadshow last week, has drawn investor demand of about $150 billion for its IPO, roughly double the $75 billion it seeks to raise. Cryptocurrency exchange Kraken also opened SpaceX IPO access to clients in over 110 countries via xStocks. Wall Street anticipates 2026 could be a breakout year for the U.S. IPO market.
Yahoo FinanceCryptocurrency exchange Bybit to open SpaceX tokenized IPO access
Cryptocurrency exchange Bybit announced it will offer retail investors access to tokenized initial public offerings (IPOs) at the offering price, starting with SpaceX as its first offering. Through Payward's xStocks tokenization platform, Bybit users can subscribe to tokenized representations of publicly traded equities without needing traditional brokerage accounts. Registration and subscription for the SpaceX offering run from June 7 to June 11, 2026, with allocations finalized by June 12, when tokenized shares begin trading on Bybit's spot market. SpaceX's IPO has drawn investor demand of about $150 billion, roughly double the $75 billion it seeks to raise. Competitor Kraken also opened SpaceX IPO access to clients in over 110 countries via xStocks. The move comes as Wall Street anticipates 2026 as a breakout year for U.S. IPOs, driven by a strong pipeline of high-profile private companies and pent-up demand.
Yahoo FinanceKraken To Offer IPO Access To Retail Investors
Cryptocurrency exchange Kraken announced plans to offer retail investors access to its upcoming initial public offering (IPO) through a collaboration with the xStocks tokenized equities framework. Individual investors can register interest before the IPO and receive tokenized shares at the IPO price on the market debut. This access is typically reserved for institutional investors. The tokenized shares will be backed 1:1 by actual stock held in custody by a regulated entity. xStocks, which manages the tokenization process, has surpassed $30 billion in transaction volumes and is interoperable across blockchains including Ethereum and Solana. Kraken is expected to go public on the Nasdaq exchange in the second half of 2026, though no exact date has been announced.
Yahoo FinanceKraken To Offer IPO Access To Retail Investors via Tokenized Shares
Cryptocurrency exchange Kraken announced plans to offer retail investors access to its upcoming initial public offering (IPO) at the IPO price through a collaboration with the xStocks tokenized equities framework. Typically, IPO access at the offering price is reserved for institutional investors, but Kraken will allow individual customers to register interest and receive tokenized shares on the day of the market debut. The tokenized shares will be backed 1:1 by actual Kraken stock held in custody by a regulated entity. xStocks will manage the tokenization process, and the tokens are interoperable across blockchains including Ethereum and Solana. xStocks has surpassed $30 billion in transaction volumes with over $6 billion settled onchain. Kraken is expected to go public on the Nasdaq exchange in the second half of 2026, though an exact date has not been announced.
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