Binance, Bybit, Bitget Scrap Tokenized SpaceX Shares After xStocks Fails to Deliver

Binance, Bybit, and Bitget refunded customers after tokenized-equity platform xStocks failed to secure SpaceX IPO allocations. SpaceX shares (SPCX) are up 26% from their $135 IPO price.

• Three major crypto exchanges canceled tokenized SpaceX pre-IPO campaigns after xStocks couldn't deliver the underlying shares.
• Binance is distributing $1M in SpaceX shares via its new bStocks product to affected participants as compensation.
• Bybit is paying additional interest rewards to customers whose funds were held during the campaign.
• SpaceX shares opened at $135 and now trade above $172, giving the company a $2.2 trillion market cap.
• The tokenized offering was one of several crypto-based ways retail investors sought to bypass Wall Street for IPO access.

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