Major crypto exchanges cancel SpaceX IPO allocations | RWA News
RWA news: Major crypto exchanges cancel SpaceX IPO allocations. This update explains what changed, why it matters for tokenization, onchain finance, and institutional adoption, and what the crypto market should watch next.
RWA And Tokenization Update
Crypto trading platforms Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns and offered refunds for users as SpaceX went public on the Nasdaq on Friday. SpaceX’s IPO, which was reported as more than four times oversubscribed, raised $75 billion as it became a publicly traded company. SpaceX shares opened for trading at $150 on Friday, up from its IPO price of $135. It closed the day at $161.11, valuing the company at over $2 trillion. However, major crypto platforms offering tokenized access to the IPO were unable to fulfill demand for SpaceX allocations, with several blaming Kraken-owned xStocks’ inability to deliver the underlying assets. Bybit, which was offering tokenized access to SpaceX through its new Bybit IPO Express, was one of the first to announce the cancellation. “Due to xStocks’ inability to deliver the underlying assets, no SpaceX allocations were received. As a result, subscribed users will not receive SpaceX allocations.”Binance’s SpaceX tokenized IPO campaign, which attracted over $557 million in USDC deposits, said it was unable to proceed to the campaign due to “circumstances outside of our control.” Binance Wallet was also relying on xStocks. Source: Changpeng ZhaoBitget Wallet and MEXC also said they would be refunding affected users after being unable to secure an allocation of xStocks’ tokenized SPCX. Related: Bitcoin surfs SpaceX IPO at $64K as trader warns key BTC price support may crumble“It’s disappointing that this didn’t work out in the end. We are in the process of sending out the refunds,” Bitget Wallet chief operating officer Alvin Kan said on X. “Yes, we have hit a setback, and trust in the industry has taken a blow, but we’ll come out of this stronger,” he added. Magazine: Does ‘Paper Bitcoin’ mean there’s an unlimited supply of BTC?Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Why This RWA News Matters
First, this development may affect tokenized assets, onchain finance, institutional participation, and market liquidity. In addition, it may influence treasury products, private credit, tokenized funds, and cross-market adoption. As a result, traders and investors should watch the next moves closely.
What To Watch Next
Watch for updates from issuers, asset managers, exchanges, and regulators. In particular, any new developments involving tokenized treasuries, real estate, private credit, or tokenized securities could directly affect the broader crypto market.
