Crypto Firms Scrap Tokenized SpaceX Share Offerings as SPCX Surges After IPO

Crypto exchanges Binance, Bybit and Bitget all refunded customers hoping to gain access to a tokenized version of SpaceX (SPCX) stock on Friday as Elon Musk’s rocket company saw its price rise amid massive hype.

The crypto firms returned customers’ money after xStocks, the tokenized equity platform, was unable to secure the allocation of the underlying shares, they said.

“Due to xStocks’ inability to deliver the underlying assets, no SpaceX allocations were received,” Bybit placed on X.

Binance similarly indicated that due to unspecified circumstances beyond its control, it would have to cancel its SPCXx campaign, the SpaceX pre-IPO token from xStocks.

“Protect users when things don’t go as planned,” Binance founder and former CEO Changpeng “CZ” Zhao wrote on X.

In addition to refunding subscribers, Binance is distributing $1 million worth of SpaceX shares via bStocks – its newly launched tokenized securities offering – to those who participated in the SpaceX pre-IPO campaign. Bybit also offers participants an additional interest compensation for the money held during the campaign.

“Due to overwhelming demand, requests to purchase IPO access to SpaceX could not be fully fulfilled,” an xStocks spokesperson said. Declutter. “Customer funds associated with unfulfilled orders have now been returned. SpaceX is now live on xStocks, listed as SPCXx, and available for trading through the first weekend.”

Disclaimers previously posted by the company on

“IPO xStocks are tokenized stocks that provide price exposure only – no direct ownership,” the company posted on X.

The Offering tokenized was one of the few ways crypto participants could participate wanted to participate in the long-awaited IPO.

Traders could use the decentralized perps exchange Hyperliquid to trade long or short positions in SpaceX shares before they hit the market. Coinbase International offered a similar productallowing users to help shape pricing and gain exposure to the private company before its official public listing.

Shares in SpaceX, which were listed at $135, have risen more than 26% since trading and recently changed hands at $172.31. The company’s market capitalization now exceeds $2.2 trillion, with Musk’s public offering reportedly making it the largest the world’s first trillionaire in the process.

Editor’s note: This story was updated with commentary from xStocks after publication.