Several crypto exchanges have canceled their planned allocations for tokenized shares of Elon Musk's SpaceX IPO and have begun issuing refunds after failing to secure enough underlying shares to fulfill customer subscriptions.
Bybit said Friday that no users would receive allocations after xStocks was unable to deliver on the underlying assets.
"Due to the xStocks' inability to deliver the underlying assets, Bybit did not receive any allocation," Bybit said in a notice. "As a result, all subscription funds will be refunded automatically." The exchange also said eligible participants would receive an additional 10% reward as consolation.
Bitget announced a similar outcome, saying it was unable to secure and distribute allocated SPCXx tokens tied to the SpaceX IPO.
"The xStocks team made every effort to secure the allocation, but it ultimately wasn't available as expected," Bitget said on X. The company said users would receive a full refund, including fees, along with future tokenized IPO whitelisting privileges and a gas fee voucher.
