SpaceX IPO Tokenization Fails to Deliver as Exchanges Cancel Pre-IPO Products
What happened: SpaceX’s highly anticipated IPO debuted on Nasdaq on June 12, opening at $150 and closing near $161, raising approximately $75 billion and valuing the company between $1.
What happened: SpaceX’s highly anticipated IPO debuted on Nasdaq on June 12, opening at $150 and closing near $161, raising approximately $75 billion and valuing the company between $1.75 and $2 trillion. However, major crypto exchanges including Bybit, Binance Wallet, Bitget, and MEXC were forced to cancel their tokenized SpaceX pre-IPO offerings after failing to secure shares via Kraken’s xStocks platform, resulting in customer refunds. Meanwhile, Backpack Securities and Sunrise launched a 1:1 backed SPCX token on Solana, and Ondo Finance, Kraken xStocks, and Hyperliquid introduced tokenized and perpetual SPCX products on IPO day.
Why it matters: The scramble to tokenize SpaceX equity exposed the gap between marketing and actual share acquisition in crypto markets. While tokenized equities promise 24/7 access and global reach, the inability of several platforms to source real shares led to abrupt cancellations, highlighting regulatory and operational hurdles. The successful launch of 1:1 backed tokens on Solana demonstrates technical feasibility but underscores the need for robust infrastructure and compliance to meet demand for tokenized real-world assets.
Source: Cointelegraph, CoinDesk, Crypto Briefing, The Defiant