3 crypto exchanges cancel SpaceX tokenized IPO after share shortage

Binance Wallet, Bybit and Bitget Wallet scrapped their tokenized SpaceX IPO campaigns on June 12 after xStocks, the tokenized equity provider behind the offerings, could not deliver the underlying shares, leaving users with zero allocation despite more than $1 billion in aggregate customer orders.

"Due to xStocks' inability to deliver the underlying assets, no SpaceX allocations were received," Bybit said in a statement. The exchange said it would automatically refund all subscription funds and provide eligible users with a reward equivalent to a 10% annualized rate over a four-day period.

Binance's SPCXx campaign alone attracted $557 million in on-chain subscriptions before being unwound, according to The Defiant. The exchange said it would distribute $1 million worth of its own bStocks SpaceX tokens, called SPCXB, equally among participants. Bitget Wallet also issued full refunds, including handling fees, along with gas vouchers and priority access for future tokenized IPOs.

The cancellations exposed a structural gap between crypto's on-chain distribution infrastructure and the traditional IPO allocation pipeline. SpaceX's Nasdaq debut on June 12 raised roughly $75 billion at a valuation near $1.8 trillion, with shares priced at $135 opening near $150. The offering was four times oversubscribed, and even traditional brokerages rationed allocations — Fidelity, Charles Schwab and SoFi completed only partial fills for eligible clients. Kraken users who subscribed through xStocks received roughly four shares' worth of exposure, according to Wu Blockchain.

The episode highlighted how tokenized equity products remain dependent on centralized intermediaries for primary market access. Pre-IPO perpetuals on venues such as Hyperliquid and Binance functioned as intended, recording $4.6 billion in trading volume on IPO day with open interest peaking near $500 million, according to Talos Research. But tokenized share offerings that relied on a single upstream allocation pipe broke at the last mile.

"Onchain infrastructure for distribution and settlement is ready, but the mechanisms for crypto-native channels to access primary market allocation are still developing," Alvin Kan, chief operating officer at Bitget Wallet, said. Bitget has since switched to Reality, a real-world asset platform that provides 1:1 tokenized SpaceX shares held with a broker.

The SEC in January 2026 issued a staff statement stressing that tokenized stocks remain full securities subject to registration and disclosure rules. In May, Bloomberg reported that the SEC delayed a plan to allow trading of tokenized stocks. The regulatory uncertainty, combined with the allocation bottleneck, suggests that tokenized IPO access for high-profile listings will remain constrained until crypto platforms secure direct relationships with underwriters and custodians.

This article is for informational purposes only and does not constitute investment advice.