Crypto exchanges cancel tokenized SpaceX IPO offers, refund users

Bybit, Binance, and Bitget canceled tokenized SpaceX IPO allocations Friday after xStocks failed to deliver underlying shares, according to The Block.theblock
Binance’s campaign had drawn roughly $557 million from nearly 27,700 wallet addresses before the cancellation, per Dune Analytics data.panewslab
SpaceX’s IPO attracted about $250 billion in demand — over three times its $75 billion target — as crypto perpetual futures priced shares well above the $135 IPO price.streetinsider

SpaceX IPO Sparks Crypto Frenzy as Traders Pour Over $1 Billion Into Synthetic Futures

As SpaceX prepared to begin trading on the Nasdaq on Friday under the ticker SPCX in what is expected to be the largest initial public offering in history, crypto markets became an unlikely but dominant venue for price discovery — with more than $1 billion flowing through SPCX-linked perpetual futures contracts in the 72 hours before listing.barchart

The synthetic contracts, which do not confer ownership of actual shares, traded at a premium of roughly 20% or more above SpaceX’s fixed IPO price of $135 per share, with prices reaching approximately $162 to $165 on Hyperliquid and Binance as of Thursday. Earlier in the pre-IPO period, prices had spiked above $220, implying a valuation exceeding $2.5 trillion before settling back.cnbc

Binance Campaign Draws Hundreds of Millions

Binance’s tokenized securities campaign for SpaceX attracted approximately $557 million in USDC deposits from nearly 27,700 wallet addresses, according to Dune Analytics data cited by PANews. The campaign offered users the chance to subscribe to SPCXx tokens — tokenized representations of SpaceX equity through the xStocks platform — at the $135 indicative price plus a 5% underwriting fee.binance

However, the campaign was ultimately canceled. On Friday, Binance cited “circumstances outside of our control,” joining Bybit and Bitget in refunding users after failing to secure underlying share allocations from xStocks. Bybit announced full refunds to all subscribers, stating that xStocks was unable to deliver the underlying assets needed to back the tokenized shares.theblock

Tokenized Equity and Perpetual Markets Converge

Dinari, a tokenized equities firm, launched what it called the first tokenized U.S. equity available for spot trading on Hyperliquid’s HyperCore on June 11, with SpaceX ($SPCXD) as its inaugural product. Unlike the perpetual futures, Dinari’s dShares are described as fully backed by custodial equity holdings.tradeinformer

The convergence of perpetual futures, tokenized equity products, and prediction markets around the SpaceX IPO underscores crypto’s growing role as a parallel financial infrastructure. Reuters reported that these pre-IPO derivatives “do not have a direct connection to the actual shares” and are “valued based on SpaceX’s most recently revealed pre-IPO assessment”.reuters

Record Demand Meets Limited Access

SpaceX’s IPO attracted roughly $250 billion in investor demand — more than three times the $75 billion it aimed to raise — driven by orders from sovereign wealth funds and institutional investors. The company is expected to debut at a valuation of approximately $1.77 trillion, making it the seventh-largest U.S. company on day one.cnbc

For retail investors largely shut out of traditional IPO allocations, the crypto-native products offered an alternative path to exposure — even as several of those paths collapsed on the eve of trading.