Overview
- SpaceX began trading on Nasdaq under the SPCX ticker after a $75 billion raise at a $1.75 trillion valuation, and exchanges that ran tokenized subscriptions have started processing refunds and allocations.
- Binance Wallet attracted roughly $557 million from about 27,689 onchain addresses for its SPCXx campaign but warned that subscription interest did not guarantee allocations and charged a 5% underwriting fee.
- Bybit received zero allocation for its IPO Express offering and confirmed it refunded all subscribers in full.
- Kraken received a much smaller allocation than expected, partially filled some orders—community reports show successful subscribers received about 4.2786 SPCXx each—and is refunding every unfilled portion while applying a roughly 5% spread to the final price.
- The outcome reflects that underwriters, not exchanges, control share distribution and that tokenized IPO products give price exposure but not shareholder rights, raising fresh questions about custody, disclosures, and how retail crypto channels access major equity deals.