Overview
- Several major crypto exchanges canceled tokenized SpaceX IPO campaigns and refunded subscribers after allocation shortfalls that came to light on Friday, June 12.
- Binance’s Wallet campaign had collected about $557 million from roughly 27,700 on‑chain addresses but was canceled and will return all USDC while distributing $1 million in SPCXB bStocks tokens as compensation.
- Bybit said it received no SpaceX allocations and issued full refunds with a small interest credit for participants, while Kraken reported only partial pro‑rata fills and refunded unfilled portions to users.
- SpaceX priced the IPO at $135 to raise about $75 billion and its shares jumped roughly 20–26% in early Nasdaq trading, underscoring why underwriters and institutions absorbed most of the stock.
- The episode shows that tokenized stock products depend on legacy allocation and custody processes, creates legal and operational frictions for retail access, and could prompt closer scrutiny of how exchanges source and guarantee underlying assets.