Bybit and Kraken Open SpaceX IPO Access to Crypto Users Via Tokenized Shares

TLDR

• Bybit launched tokenized SpaceX IPO access on June 7 for VIP and Pro users at $135 per share plus a 5% underwriting fee
• Both Bybit and Kraken are using the xStocks framework, operated by Kraken parent Payward Services, to offer the product
• SpaceX is targeting a $1.75 trillion valuation and aims to raise $75 billion — which would be the largest public offering in history
• The tokens are structured as tracker certificates, not direct equity — users get no voting rights or dividends
• Collateral backing the tokens “may not always consist of the underlying shares,” Bybit’s own terms state

Crypto exchanges Bybit and Kraken now let users buy tokenized access to the SpaceX IPO, but the product comes with limits and fine print worth knowing.

How the Bybit Offering Works

Bybit opened subscriptions on June 7 for its IPO Express product. It is available to VIP and Pro users who have completed Level 1 identity verification. The subscription window runs through June 11, with allocation set for June 11 and token distribution scheduled for June 12 — the same day SpaceX is expected to list on Nasdaq.

Users commit USDC at an indicative price of $135 per share, plus a 5% underwriting fee. The minimum is 100 USDC, and each user is capped at 50 subscription orders. Funds are locked until allocation.

If the final IPO price is within 20% of the $135 indicative price, Bybit automatically subscribes users. If the price lands more than 20% higher, users must reconfirm within a set window. Allocations can be partial or zero depending on demand.

By Sunday morning, around 550 users had pre-registered with a total of roughly $9.1 million in USDC committed.

What xStocks Tokens Actually Are

Both Bybit and Kraken use the xStocks framework, which is run by Payward Services — the B2B arm of Kraken’s parent company. The framework was originally built by Backed Finance before Kraken acquired it.

The tokens are issued by Backed Assets (JE) Limited, a Jersey-based entity. They are structured as tracker certificates — bearer debt instruments that track the price of SpaceX shares. Users do not receive voting rights or dividends.

Bybit’s press materials describe the tokens as “backed 1:1 by real equity.” However, the product terms state that collateral “may not always consist of the underlying shares” and that cash or other assets may be substituted. Bybit also states it does not independently verify the collateral.

Kraken launched its version on June 5 under the ticker SPCXx, available in more than 110 countries. The European Economic Area is excluded from Bybit’s offering but can access Kraken’s version through a Cyprus-licensed subsidiary.

The Wider SpaceX IPO Picture

SpaceX’s IPO is being led by a 23-bank syndicate. Goldman Sachs holds the lead position, followed by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase. The company is targeting a $1.75 trillion valuation with shares priced at $135, seeking to raise around $75 billion.

Investor demand has reached roughly $150 billion — about double what SpaceX is seeking to raise.

The xStocks tokenized approach differs from what most other crypto exchanges are doing. Coinbase, Binance, OKX, Bitget, and others have launched pre-IPO perpetual futures contracts on SpaceX instead. Those products carry their own risks — one platform, Ventuals, recently compensated traders after a data bug caused its SpaceX perp contract to drop 45% in 30 minutes.

SpaceX’s IPO follows its merger with Elon Musk’s xAI, which had previously acquired the social media platform X.

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