
Three major crypto venues marked the SpaceX IPO by pulling their tokenized SpaceX IPO offers. Bybit, Binance, and Bitget Wallet each cancelled their campaigns.
Author: Sahil Thakur
14th June 2026 – SpaceX made its Wall Street debut on Friday, and three major crypto venues marked the day by pulling their tokenized SpaceX IPO offers. Bybit, Binance, and Bitget Wallet each cancelled their campaigns on June 12, 2026. In every case, the provider behind them, xStocks, could not deliver the SpaceX shares the tokens were meant to represent.
High Signal Summary For A Quick Glance
Cut
@0xCut555
Hàng loạt các sàn huỷ phân bổ token $SPCXx Binance , Bybit , Bitget đã đồng loạt huỷ kế hoạch phân phối token $SPCXx Do phía phát hành xStocks không cung cấp đầy đủ tài sản để backing $SPCXx đại diện cho SpaceX , được định giá hơn 2k tỷ đô Nếu bị người https://t.co/KoFtnhY1ZX

12:00 AM·Jun 13, 2026
ProMint
@ProMint_X
xStocks Scam All SpaceX Traders CEX exchanges offered users the opportunity to participate in the $SPCX IPO via xStocks. In the end, Kraken was the only CEX where users actually received their shares. Bybit and Binance canceled all contests and allocations, citing an error on https://t.co/JJSHdd4yQe

04:26 PM·Jun 12, 2026
Yueya (ARX Mode)
@yueya_eth
刚看到 SpaceX IPO打新的结果出来了, xStocks全军覆没.. 很无语... 身边很多朋友按照自己可能拿到的 allocation,提前做了仓位安排。 结果临近交割,额度几乎被砍光,很多交易所入口看起来都能参与,最后大量订单被退回。 大家全部是白忙一场。 但对做了套保的人来说,是真的亏钱。 https://t.co/CxVF452IBt https://t.co/c0tKZb85Gr

To give you a concrete sense of what we're doing with @Backpack Securities. - Trade stocks on Backpack - Deposit/Withdraw to Solana - Trade on DeFi in your wallet - On/off ramp to your brokerage account Tokenized stocks that are redeemable for the real thing just like a https://t.co/4OjM6FqiFc https://t.co/OPJvZT2gjR
02:28 PM·Jun 12, 2026
High attention and emotional sentiment detected.
As a result, users who subscribed in crypto walked away empty-handed. Meanwhile, SpaceX stock (Nasdaq: SPCX) opened near $150 and closed up about 19% near $161. So the people promised early access missed one of the year’s biggest first-day pops.
The setup looked simple, at least on paper. Users subscribed with stablecoins like USDC. In return, they expected tokens backed one-to-one by real SpaceX shares.
Behind the scenes, xStocks had to source those shares from the IPO. The platform is a tokenized equities provider tied to Payward and Kraken. But the SpaceX listing was heavily oversubscribed, and institutions took the bulk of the allocation.
SpaceX priced at $135 per share and raised a record $75 billion. Because xStocks could not secure enough stock, the exchanges had nothing to hand out. So each venue cancelled rather than issue tokens with no backing.
CEX synthetic subscription vs. broker/regulated tokenized access
All three venues moved to full refunds on the same day. Still, the details differ.
Bybit ran its offer as “Bybit IPO Express,” with subscriptions open from June 7 to 11. According to Bybit, “xStocks’ inability to deliver the underlying assets” meant it received no allocation. The exchange refunded every subscriber automatically. On top of that, it added a reward calculated at 10% APR over a fixed four-day period.
Binance drew the largest crowd. Its SPCXx campaign pulled in roughly $557 million in onchain USDC subscriptions. Binance blamed “circumstances outside of our control” and refunded all locked USDC.
In addition, Binance pledged a $1 million airdrop of its own bStocks SPCXB token. The exchange describes that token as 1:1 backed by real SpaceX shares. Participants get it split equally by June 18. Binance also opened direct SPCX stock trading.
Bitget Wallet took a similar path. According to the team, “unforeseen market circumstances” blocked the allocation, even though xStocks “made every effort to secure” it. Bitget then promised a 100% refund, including its 5% handling fee. It also whitelisted affected wallets for future tokenized IPOs and added a $10 gas fee voucher.

Tokenized stocks let users buy crypto exposure to equities they normally cannot reach. In the backed model, a provider buys real shares through brokers. Then it holds them in regulated custody and issues one token per share.
So the token only works if the shares exist. A “share shortage” happens when crypto demand outruns the stock a provider can actually buy. Here, IPO allocations went mostly to institutions, and retail crypto demand had little left to claim.
This is also where the centralized route differs from a broker. A traditional broker plugs straight into the IPO book. The exchange version instead leaned on a third party for both shares and tokenization. That extra link became the point of failure.
The contrast was hard to miss. While the centralized campaigns collapsed, several on-chain products launched and traded the same day.
Backpack listed an SPCX token on Solana. It reportedly cleared about $52 million in volume within 24 hours across more than 110,000 trades. Ondo also rolled out SPCXon across multiple chains. xStocks itself ran a DeFi SPCXx token on decentralized exchanges from the morning of the debut.
None of the cancelled exchange campaigns produced any tokens for users. They were off-chain synthetic offers that depended on xStocks delivering stock. As a result, there are no contract addresses, mints, or redemptions to point to, according to onchain reporting from The Defiant.
The reaction online was quick and sharp. On X, many users said the exchanges overpromised easy IPO access and then left them with nothing.
Some posts turned sarcastic, joking that tokenised stocks “are not real.” Others accused the venues of pocketing first-day gains, though no evidence supports that claim. Supporters noted that refunds arrived fast and came with extra rewards.
xStocks, for its part, gave no detailed public explanation. So several questions stay open. The exact size of the shortfall is unclear. Whether any funds went toward buying shares is also unknown.
For now, the episode reads as a stress test for real-world asset tokenization. The demand was clearly there. The plumbing was not.
The split outcome points to a lesson. On-chain rails delivered exposure, while the centralized path broke at its weakest link. So exchanges may push for direct allocations or deeper custody partners before the next marquee listing.
Whether users trust these products again will depend on the next attempt. The next major listing will test whether a tokenized SpaceX IPO style offer can finally clear. This article is for informational purposes only and is not financial advice.
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