Bybit introduced IPO Express, enabling verified VIP and Pro users to subscribe to tokenized exposure linked to SpaceX. The product uses tracker certificates through xStocks, offering economic
Bybit opened subscriptions for its new IPO Express product on June 7, giving verified VIP and Pro users access to tokenized SpaceX IPO exposure ahead of the company’s expected Nasdaq debut on June 12. The launch comes through a partnership with xStocks and KrakenFX, with users committing USDC for tracker certificates rather than direct equity ownership.
According to Bybit, IPO Express uses an indicative price of 135 USDC per share and charges a 5% underwriting fee. The minimum subscription amount is 100 USDC, while each participant can place up to 50 subscription orders.
The exchange said subscriptions remain open until June 11. Allocation is scheduled for the same day, while token distribution will begin on June 12. During that period, user funds remain frozen until the final allocation process is complete.
Bybit added that if the final IPO price stays within 20% of the indicative level, subscriptions will process automatically. However, users must reconfirm participation if the final price exceeds that range.
The product uses the xStocks framework, which Payward Services operates after acquiring the technology from Backed Finance. Tokens are issued by Backed Assets (JE) Limited and function as tracker certificates tied to SpaceX shares.
Notably, the tokens provide economic exposure instead of shareholder rights. Holders do not receive voting rights or dividends attached to common stock.
Bybit described the product as backed 1:1 by equity held in regulated broker-dealer custody. However, the product terms state that substitute collateral, including cash, may also be used.
The launch follows Kraken’s June 5 release of its own SpaceX token under the ticker SPCXx. Meanwhile, several exchanges, including Binance, Coinbase, OKX, Bitget, and Hyperliquid-based platforms, have introduced synthetic pre-IPO perpetual products.
Unlike perpetual contracts, the xStocks model seeks to track the underlying asset through tokenized certificates. At the same time, SpaceX’s expected public listing is being led by Goldman Sachs alongside Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase.
Bybit said about 550 users had pre-registered for IPO Express by Sunday morning, representing roughly $9.1 million in committed USDC subscriptions.
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