Crypto trading platforms Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns as SpaceX went public on the Nasdaq on Friday.
SpaceX’s IPO, which was reportedly more than four times oversubscribed, raised $75 billion as it became a publicly traded company. SpaceX shares opened for trading at $150 on Friday, up from its IPO price of $135. It closed the day at $161.11, valuing the company at over $2 trillion.
However, major crypto platforms offering tokenized access to the IPO were unable to fulfill demand for SpaceX allocations, with several blaming Kraken-owned xStocks’ inability to deliver the underlying assets.
The failed campaigns marked a setback for crypto platforms seeking to give their users high-demand public offerings for the first time.
Bybit, which was offering tokenized access to SpaceX through its new Bybit IPO Express, was one of the first to announce the cancellation.
“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’s SpaceX tokenized IPO campaign, which attracted over $557 million in USDC deposits, said it was unable to proceed to the campaign due to “circumstances outside of our control.” Binance Wallet was also relying on xStocks.
Source: Changpeng Zhao
Bitget Wallet and MEXC also said they would be refunding affected users after being unable to secure an allocation of xStocks’ tokenized SPCX.
Related: Bitcoin surfs SpaceX IPO at $64K as trader warns key BTC price support may crumble
“It’s disappointing that this didn’t work out in the end. We are in the process of sending out the refunds,” Bitget Wallet chief operating officer Alvin Kan said on X.
“Yes, we have hit a setback, and trust in the industry has taken a blow, but we’ll come out of this stronger,” he added.
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