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Digital asset investment platforms Binance, Bybit, and Bitget have canceled campaigns that offered tokenized exposure to SpaceX’s highly anticipated initial public offering, citing an inability to secure enough underlying shares through their tokenized equity partner. The move highlights ongoing difficulties in connecting on-chain products to limited IPO allocations on Wall Street.
SpaceX, led by Elon Musk, made its Nasdaq debut under the ticker SPCX on the same day, marking one of the largest IPOs in history.
The company raised approximately $75 billion at an initial valuation of around $1.75–1.8 trillion. Shares were priced at $135, opened higher at about $150, and climbed further as investor demand pushed the market capitalization briefly above $2 trillion.
The listing represented a major shift for the previously private company, moving it from “unicorn” status to broader public market access.
Crypto exchanges had promoted tokenized IPO products as a way for retail investors to participate at offering prices without traditional brokerage requirements.
Bybit’s “IPO Express” service, powered by xStocks, enabled subscriptions using stablecoins such as USDC. Binance Wallet ran a campaign labeled “SPCXx,” while Bitget Wallet also aimed to provide actual or synthetic share exposure after listing.
Across platforms, demand remained steady, with substantial funds reportedly locked in. However, the tokenized equity partner, xStocks, could not obtain the necessary allocations from the IPO process.
Bybit stated it received no shares due to the allocation shortfall, leading to full refunds to subscribers’ original accounts.
In addition, Bybit said it would provide eligible users a reward equivalent to a 10% APR over a four-day period.
Bitget Wallet attributed the cancellation to “unforeseen market circumstances,” adding that efforts by the xStocks team ultimately fell short.
Users received complete refunds, including handling fees, along with gas vouchers and priority access for future tokenized IPOs.
Binance Wallet said the decision was driven by factors beyond its control and began refunds of locked USDC.
As compensation, it planned a $1 million airdrop of its own bStocks tokenized SpaceX product (ticker SPCXB), distributed equally among participants.
The episode underscores the complexities of tokenized securities. While some venues such as Kraken were able to distribute allocations using similar mechanisms, high demand and institutional priorities in traditional IPOs can create bottlenecks for crypto intermediaries.
Services like xStocks depend on securing real shares or equivalents. When retail-facing tokenized campaigns compete for limited supply, allocation constraints can prevent successful settlement.
The cancellations did not appear to reduce broader interest in tokenized stocks. SpaceX shares continued trading actively, and other venues offered perpetual futures or synthetic exposure.
Overall, the situation illustrates both the potential and current limitations of on-chain finance in expanding access to high-profile IPOs. As tokenization develops further in 2026, clearer partnerships with custodians and regulators may help reduce allocation-related risks in future offerings.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
