Bybit’s attempt to bring the SpaceX IPO to crypto-native investors hit a wall. The exchange confirmed that users who subscribed to tokenized SpaceX shares through its IPO Express service will not receive any allocations and will instead get full refunds on their locked funds.
What happened with IPO Express
Bybit launched its IPO Express service on June 7, offering eligible users the ability to subscribe to tokenized representations of SpaceX shares, ticker SPCX, through the xStocks platform operated by Payward Services. The subscription window ran through June 11, with pro-rata allocations scheduled for June 11-12 and spot trading set to begin on June 12, coinciding with SpaceX’s anticipated Nasdaq listing.
Users could subscribe with as little as $100 USDC. Funds were locked during the subscription period while final allocation confirmations from underwriters were pending. The tokenized shares were designed to provide 1:1 backed exposure to the underlying SpaceX stock, priced at an indicative $135 per share.
Then came the allocation results: zero shares for subscribers. Everyone gets their money back, nothing more.
