Major cryptocurrency exchanges Binance, Bybit, and Bitget canceled and refunded customer campaigns aiming to provide access to tokenized SpaceX shares. The exchanges stated the refunds were due to partner platform xStocks being unable to secure allocations of the underlying shares following the rocket company’s high-profile IPO. SpaceX shares have risen more than 26% from their $135 IPO price, trading recently at $172.31 and giving the company a market capitalization above $2.2 trillion.
Three major crypto exchanges refunded customers hoping to access tokenized SpaceX shares as the company’s stock price surged. The firms canceled the campaigns after tokenized equity platform xStocks failed to secure allocations of the underlying IPO shares.
Bybit stated on X that no allocations were received due to xStocks’ inability to deliver the assets. Binance and Bitget Wallet similarly cited unforeseen circumstances outside their control for canceling their SPCXx campaigns.
In a post on X, Binance founder Changpeng “CZ” Zhao emphasized the need to “protect users when things don’t go as planned.” Alongside refunds, Binance is distributing $1 million worth of SpaceX shares via its own tokenized securities platform to campaign participants. Bybit is also providing an additional interest reward to affected users.
xStocks had posted disclaimers indicating its pre-IPO tokens provided price exposure only, not direct ownership or a guaranteed allocation. The firm noted that “IPO xStocks are tokenized equities providing price exposure only—not direct ownership.” The platform did not publicly comment on the specific incident with the exchanges.
The tokenized offering was one of several crypto-based avenues for exposure to the SpaceX IPO. Traders also used platforms like Hyperliquid and Coinbase International to trade perps or shape price discovery before the official listing. SpaceX shares have jumped more than 26% from their $135 IPO price, recently trading at $172.31.
