Exchange platforms have had to review their operations around tokenized shares. Binance, Bybit and Bitget refunded their customers after a SpaceX-related allocation failed. This case comes at a moment closely followed by the crypto market, while Elon Musk's space company is attracting strong attention around its valuation and its pre-IPO access.
In brief
- The crypto platforms Binance, Bybit and Bitget have canceled their operation linked to SpaceX tokenized shares.
- The failure was due to the inability of xStocks to deliver the intended underlying shares.
- All subscribers were refunded after the cancellation of the SPCXx campaign.
- Despite the failure, some platforms offered compensation such as interest or distributions of SpaceX shares.
Crypto faces the limits of tokenized stocks
On Friday, Binance, Bybit and Bitget announced the reimbursement of subscribers who wanted access to SPCX, a tokenized version linked to the pre-IPO shares of the company SpaceX. The three platforms made this decision after xStocks was unable to obtain allocations of the underlying stocks. Thus, the operation could not go through to the planned delivery.
Bybit explained in a post on X that: “ no SpaceX allocation had been received because xStocks was unable to deliver the affected assets” . For its part, Binance cited unspecified circumstances beyond its control. The platform therefore canceled its SPCXx campaign, presented as a pre-IPO token launched by xStocks.
At the same time, Binance chose to add compensation. In addition to the reimbursement, the company indicated that it will distribute the equivalent of $1 million in SpaceX shares via bStocks, its new tokenized securities offering.
This distribution is done equally between the participants of the campaign. Bybit, for its part, grants an additional interest bonus on funds blocked during the operation.
This sequence shows a concrete difficulty for crypto when trying to link tokenized products to private assets. It also recalls that access to unlisted securities depends on the actual availability of allocations. In this case, crypto served as an exposure channel, but it did not replace the constraints of the primary market.
SpaceX remains listed on xStocks under the symbol SPCXx
An xStocks spokesperson said declared to Decrypt that the exceptional demand had not made it possible to satisfy all the requests for access to the SpaceX IPO, he affirmed that:
Due to exceptional demand, not all requests for access to SpaceX's IPO could be fulfilled, resulting in the refund of funds related to unfilled orders, while SpaceX is now listed on xStocks under the symbol SPCXx.
xStocks spokesperson. Source: Decrypt.
According to this explanation, the funds related to the unexecuted orders were refunded. The company also indicated that the tokenized security remained available for trading under the symbol SPCXx until the end of the first weekend, particularly for crypto investors.
Before the operation, xStocks had already published warnings on X. The company clarified that SPCXx does not guarantee attribution. It also said its xStocks IPO only offered price exposure, with no direct ownership of the shares. This point remains central for investors, because the instrument does not give the same rights as a security held directly.
Investors could also use the decentralized exchange platform Hyperliquid to take long or short positions in SpaceX shares ahead of their IPO. For its part, Coinbase International offered a similar product, allowing users to influence price formation and gain exposure to this private company before its official IPO.
Furthermore, SpaceX shares offered at $135 have seen strong growth, rising more than 26% to recently reach $172.31. In this context, the company's market capitalization now exceeds $2.2 trillion, while this IPO would have made Elon Musk the world's first trillionaire.
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