Key Highlights
- On June 7, Bybit introduced tokenized access to the SpaceX IPO for VIP and Pro members at $135 per token with an additional 5% underwriting charge
- The xStocks platform, managed by Payward Services (Kraken’s parent entity), powers both exchanges’ offerings
- SpaceX seeks a $1.75 trillion market cap and plans to secure $75 billion — potentially becoming the biggest public debut ever recorded
- These instruments function as tracker certificates rather than actual shares — holders receive no shareholder voting privileges or dividend payments
- According to Bybit’s documentation, the assets supporting these tokens “may not always consist of the underlying shares”
Major cryptocurrency platforms Bybit and Kraken have introduced tokenized participation in the SpaceX public offering, though the financial instruments include significant restrictions and terms that potential buyers should understand.
Bybit’s IPO Express Product Structure
On June 7, Bybit activated its IPO Express subscription service. Eligibility requires VIP or Pro account status along with completed Level 1 identity verification. The subscription period extends until June 11, with distribution planned for June 12 — coinciding with SpaceX‘s anticipated Nasdaq market debut.
Participants deposit USDC at a preliminary share value of $135, along with a 5% underwriting charge. The entry threshold sits at 100 USDC, while individual users face a ceiling of 50 subscription requests. Deposited funds remain locked pending allocation results.
When the actual IPO pricing falls within 20% of the $135 preliminary figure, Bybit processes subscriptions automatically. Should pricing exceed this threshold by more than 20%, participants must provide fresh confirmation during a designated timeframe. Final allocations may be fractional or nonexistent based on overall demand levels.
By early Sunday, approximately 550 participants had pre-registered, pledging a combined total near $9.1 million in USDC.
Understanding the xStocks Token Structure
Both Bybit and Kraken utilize the xStocks infrastructure, operated through Payward Services — the business-to-business division of Kraken’s corporate parent. This framework originated with Backed Finance prior to Kraken’s acquisition of the platform.
Backed Assets (JE) Limited, a Jersey-domiciled company, issues these financial instruments. They’re classified as tracker certificates — bearer debt securities that mirror SpaceX share valuations. Purchasers gain no voting authority or dividend entitlements.
While Bybit’s promotional content characterizes these tokens as “backed 1:1 by real equity,” the official product documentation clarifies that backing assets “may not always consist of the underlying shares,” noting that cash or alternative securities might serve as substitutes. Bybit further specifies it doesn’t conduct independent collateral verification.
Kraken initiated its offering on June 5 under the SPCXx ticker symbol, accessible across more than 110 nations. While Bybit excludes European Economic Area participants, Kraken serves this region through a Cyprus-regulated affiliate.
SpaceX’s Historic Public Offering Context
A consortium of 23 financial institutions is orchestrating SpaceX’s market debut. Goldman Sachs anchors the syndicate, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase in supporting roles. The aerospace company pursues a $1.75 trillion market capitalization with shares valued at $135, aiming to secure approximately $75 billion in capital.
Market interest has climbed to roughly $150 billion — nearly twice the company’s fundraising objective.
The xStocks tokenization model contrasts sharply with alternative crypto exchange approaches. Coinbase, Binance, OKX, Bitget, and similar platforms have introduced pre-IPO perpetual futures contracts for SpaceX speculation. These derivative products present distinct hazards — Ventuals, one such platform, recently provided trader compensation following a data malfunction that triggered a 45% plunge in its SpaceX perpetual contract within 30 minutes.
SpaceX’s public market entry follows its consolidation with Elon Musk’s xAI, which had previously absorbed the social media service X.
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