Bybit and Kraken both launched tokenized SpaceX exposure through the xStocks framework last week, bringing the number of venues offering pre-IPO SpaceX products to at least four.
The two additions follow Coinbase International's USDC-settled synthetic perp on June 4 and BitMEX's USDT-margined perpetual on June 5, but differ in structure: xStocks tokens are backed 1:1 by the underlying equity in regulated custody, not settled against a cash index.
SpaceX perpetual open interest across venues has reached $280 million, per figures cited in recent reporting. Kraken's parent Payward separately reported that the xStocks network has processed more than $25 billion in total transaction volume since launch, across 50-plus integrated platforms.
xStocks are issued by Backed Assets (JE) Limited, a Jersey private limited company that became a Payward subsidiary in December 2025. Each token is backed 1:1 by the underlying share, held in third-party regulated custody. In the EEA, the product is offered via Payward Europe Digital Solutions (CY) Limited, authorized by the Cyprus Securities and Exchange Commission under MiFID II. Outside the EEA, distribution runs through Payward Digital Solutions Ltd., licensed by the Bermuda Monetary Authority.
