Leading cryptocurrency exchanges have canceled tokenized SpaceX IPO campaigns and initiated refunds after failing to secure underlying assets. Bybit, Binance, Bitget Wallet, and MEXC attributed the cancellations to delivery failures by Kraken-owned xStocks.
SpaceX successfully went public on Nasdaq Friday, raising $75 billion in an offering that was more than four times oversubscribed. Shares opened at $150 and closed at $161.11, pushing the company’s valuation above $2 trillion.
Despite this traditional market success, crypto platforms could not fulfill user demand for tokenized access. Bybit confirmed via its IPO Express service that no SpaceX allocations were received due to xStocks' inability to deliver assets.
Binance reported similar issues after attracting over $557 million in USDC deposits for the campaign. The exchange cited circumstances beyond its control while relying on the same xStocks infrastructure.
Bitget Wallet and MEXC also announced full refunds for affected users. Bitget COO Alvin Kan acknowledged the setback damaged industry trust but expressed commitment to resolving the operational failure. This incident highlights significant infrastructure challenges in bridging traditional equity markets with blockchain-based investment products.