Overview
- Bybit launched IPO Express on Sunday and opened registration and subscription for tokenized SpaceX shares through its platform.
- Bybit published a firm timetable that runs registration and subscription from June 7 to June 11, allocates shares between June 11 and June 12, and plans to list the token on its spot market on June 12.
- The offering is powered by Payward Services’ xStocks and is described by Bybit as tokenized, one-to-one backed exposure held in regulated broker-dealer custody rather than direct ownership of SpaceX common shares.
- Users can subscribe through their Bybit accounts and buy at the IPO price without opening a traditional brokerage account, and Kraken has offered comparable xStocks access to clients this month.
- The move signals exchanges’ push into tokenized real-world assets to attract retail investors, but it also leaves open legal questions about registration, cross-border transferability, and investor protections that regulators and custody providers will need to resolve.