Strong Onchain Demand for Tokenized SpaceX Exposure Binance Wallet's SpaceX IPO subscription campaign has drawn approximately $557 million in committed funds from 27,689 participating wallet
Binance Wallet's SpaceX IPO subscription campaign has drawn approximately $557 million in committed funds from 27,689 participating wallet addresses, according to data from Dune Analytics. The campaign, which ran from June 11 to June 12, marks the first offering under Binance Wallet's new IPO program.
The product at the center of the campaign is SPCXx, a tokenized security tied to SpaceX's potential IPO, routed through xStocks, that gives users a chance to receive SpaceX tokenized securities after issuance.The product does not represent direct ownership of SpaceX shares, and holders do not receive voting rights, dividend rights, or other shareholder rights tied to normal equity ownership.
The minimum subscription amount was set at 100 USDC, with a reference token price of 135 USDC before fees, and the offering was priced at an implied $1.75 trillion valuation for SpaceX.
The breakdown of subscriptions reveals a familiar split between participation count and capital weight. Addresses contributing $20,000 or less represented 81.48% of participants but accounted for only 18.39% of total funds.Contributors investing between $20,000 and $100,000 accounted for 57.67% of the total subscribed amount. At the top end, 114 addresses committed $500,000 or more, representing 10.23% of total funds raised.
Binance noted that not everyone who subscribed will receive SPCXx tokens. Final allocations will be decided by the issuer based on demand and issuance arrangements, with applicants potentially receiving full, partial, or no allocation. Unsuccessful applicants will be refunded in full.
The campaign sits within a broader push by Binance to bridge crypto and traditional markets. The company said the initiative aims to connect traditional capital markets with onchain financial markets.The exchange has also added tokenized products tied to Circle, Nvidia, Tesla, Micron, and Sandisk as demand for onchain stock exposure has increased.
Sources:crypto.news: Binance Wallet SpaceX IPO subscription draws $557M onchainCoinGape: Binance Wallet's SpaceX IPO Subscription Attracts $557M Funding
