Major Crypto Exchanges Cancel SpaceX IPO Allocations
Crypto exchanges refunded subscribers after xStocks could not source SpaceX shares, with Binance's campaign drawing more than $557 million in USDC deposits.
- On Friday, major crypto platforms including Binance, Bybit, and Bitget canceled their tokenized SpaceX IPO allocation campaigns after provider xStocks failed to source the underlying shares, leaving subscribed users without allocations.
- SpaceX completed its landmark IPO on the Nasdaq on Friday, but crypto platforms could not fulfill demand for tokenized access as exchanges blamed xStocks for an inability to deliver the underlying assets.
- Binance Wallet's tokenized SpaceX IPO campaign attracted over $557 million in USDC deposits before failing due to circumstances outside the exchange's control, while the actual SpaceX IPO raised $75 billion.
- Bitget Wallet and other platforms are processing full refunds for affected users, with Bitget Wallet chief operating officer Alvin Kan stating, "Yes, we have hit a setback, and trust in the industry has taken a blow."
- SpaceX shares opened at $150 on Friday and eventually closed at $161.11, placing the company at over $2 trillion in valuation and highlighting the significant market demand for equity that crypto platforms sought to capture.
23 Articles
23 Articles
Crypto exchanges promised SpaceX IPO access through tokenized stock. None of it arrived.
Crypto users who thought they had found a way into the hottest IPO in years through tokenized SpaceX stock discovered on Friday that the shares would not be arriving. Binance Wallet, Bybit, and Bitget Wallet all canceled their tokenized SpaceX offerings after xStocks, the tokenized equity provider behind all three products, failed to deliver the […] This story continues at The Next Web
Cointelegraph
The New York LedgerMajor crypto exchanges cancel SpaceX IPO allocations
Crypto exchanges, including Bybit and Binance, canceled tokenized SpaceX IPO campaigns and issued refunds, blaming the allocation shortfall on xStocks.
Crypto Exchanges Cancel Tokenized SpaceX IPO Offering Due to Shortage
Key Insights Binance, Bitget Wallet, and Bybit all canceled the tokenized SpaceX IPO offering after xStocks received a reduced allocation. The exchanges are now refunding users and offering other bonuses as compensation. SpaceX’s IPO sees massive demand on launch day, sending SPCX up 24% on the first day of trading. Several crypto exchanges have canceled plans to distribute tokenized SpaceX IPO shares after receiving smaller-than-expected alloc…
CoinStats - Crypto Platforms Fail to Obtain SpaceX Shares...
Exchange platforms had to review their operation around tokenized shares. Binance, Bybit, and Bitget refunded their clients after the failure of an allocation linked to SpaceX. This case occurs at a time closely watched by the crypto market, as Elon Musk’s space company attracts strong attention regarding its valuation and its pre-IPO access. L’article Crypto Platforms Fail to Obtain SpaceX Shares and Refund Their Subscribers est apparu en premi…
The exchange platforms had to review their operation around the tokenized shares. Binance, Bybit and Bitget paid back their customers after the failure of an allocation related to SpaceX. This case comes in a moment closely followed by the crypto market, while the space company of Elon Musk gets a lot of attention around its valorisation and pre-IPO access. The article The crypto platforms fail to obtain SpaceX shares and reimburse their subscri…
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