Binance, Bybit and Bitget Refund Users After Tokenized SpaceX IPO Access Falls Through
Binance, Bybit and Bitget refunded customers after xStocks was unable to secure underlying SpaceX share allocations for tokenized IPO access campaigns. The cancellations came as SPCX traded above its $135 IPO price, with Decrypt reporting a recent price of $172.31.
What happened?
Binance, Bybit and Bitget refunded customers after xStocks was unable to secure underlying SpaceX share allocations for tokenized IPO access campaigns. The cancellations came as SPCX traded above its $135 IPO price, with Decrypt reporting a recent price of $172.31.
Why it matters
Binance, Bybit and Bitget cancelled campaigns tied to tokenized access to SpaceX shares and refunded participating customers after the tokenized equities platform xStocks failed to secure the underlying share allocations. The refunds followed SpaceX’s public offering, as shares trading under SPCX rose sharply from the IPO price.
Binance, Bybit and Bitget cancelled campaigns tied to tokenized access to SpaceX shares and refunded participating customers after the tokenized equities platform xStocks failed to secure the underlying share allocations. The refunds followed SpaceX’s public offering, as shares trading under SPCX rose sharply from the IPO price.
The episode matters for crypto users because it highlights the gap between tokenized market exposure and actual ownership or guaranteed allocation. In this case, customers sought access through crypto platforms, but the firms said the underlying shares were not delivered, leaving participants with refunds rather than SpaceX shares.
Bybit said no SpaceX allocations were received because xStocks could not deliver the underlying assets. Binance also cancelled its SPCXx campaign, while Bitget said the expected allocation was not available due to unforeseen market circumstances.
Some firms added compensation beyond the refund. Binance said it would distribute $1 million worth of SpaceX shares through bStocks equally to participants in its pre-IPO campaign, while Bybit said it would provide an additional interest reward for funds held during the campaign.
An xStocks spokesperson told Decrypt that demand for IPO access was overwhelming and that requests could not be fully fulfilled. The company also said funds tied to unfilled orders had been returned, and that SpaceX was live on xStocks as SPCXx and available to trade through the first weekend.
The source noted that xStocks had previously disclosed that SPCXx did not guarantee an allocation and represented price exposure rather than direct ownership. SpaceX shares were offered at $135 and had risen more than 26% since trading began, recently changing hands at $172.31, according to Decrypt.