Crypto trading platforms Bybit, Bitget Wallet, and Binance Wallet canceled their tokenized SpaceX IPO campaigns on June 12, even as SpaceX (Nasdaq: SPCX) soared in the largest public market d
Crypto trading platforms Bybit, Bitget Wallet, and Binance Wallet canceled their tokenized SpaceX IPO campaigns on June 12, even as SpaceX (Nasdaq: SPCX) soared in the largest public market debut ever.
The cancellations landed on the same day SpaceX began trading on Nasdaq. The stock opened at $150 on Friday after the biggest initial public offering on record.
It quickly topped $160 to push Elon Musk's space company past a $2 trillion market capitalization, and touched an intraday high of $172.65 by early afternoon.
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The platforms had offered subscriptions to SPCXx, a tokenized version of SpaceX stock issued through xStocks, a protocol that wraps real equities into blockchain-based tokens.
Bybit, a Dubai-based cryptocurrency exchange, offering spot, derivatives, and tokenized stock products, said xStocks was unable to deliver the underlying assets, leaving subscribers with no SpaceX allocations.
Bitget Wallet, a self-custody crypto wallet affiliated with the Bitget exchange that supports multi-chain trading, decentralized apps, and tokenized stock offerings, blamed "unforeseen market circumstances," adding that the xStocks team tried but failed to secure the allocation.
Binance, the world's largest cryptocurrency exchange by trading volume, whose Binance Wallet arm runs self-custody services and token launch campaigns, cited circumstances beyond its control in scrapping its SPCXx campaign.
All three platforms are processing automatic 100% refunds, with no action required from users. Beyond this, Bybit is paying participants a bonus based on a 10% APR over a fixed four-day period. On the other hand, Bitget Wallet is refunding its 5% handling fee, whitelisting affected wallets for future tokenized IPOs, and handing out $10 gas fee vouchers.
Binance pledged a $1 million airdrop of SPCXB, its own upcoming bStocks token designed to track SpaceX shares, backed 1:1 by stock held with a regulated custodian, split equally among participants by June 18.
The exchange also pointed users to its United States equities service, where whole-share limit orders for SPCX are already live.
