Three major crypto exchanges canceled their tokenized SpaceX IPO allocation campaigns Friday after xStocks could not source the underlying shares, issuing full refunds to affected users on the same morning that rival tokenized-equity protocols successfully brought SpaceX exposure onchain.
Bybit was first to act. In a notice posted Friday morning, the exchange told subscribers that "due to xStocks' inability to deliver the underlying assets, no SpaceX allocations were received," and that 100% of subscription funds would be returned automatically. Binance followed with its own cancellation notice, citing "circumstances outside of our control" for the collapse of its Binance Wallet SPCXX IPO campaign. Bitget also canceled and refunded, per The Block.
Changpeng Zhao, Binance's co-founder, posted Friday linking to the cancellation announcement with a brief note: "Protect users when things don't go as planned." CZ offered no additional explanation for how the share-sourcing breakdown occurred.
Binance had drawn $557 million in onchain subscriptions for its SPCXX campaign ahead of the IPO. That campaign has now been unwound with no allocations distributed.
The exchange failures landed alongside a separate set of successful launches. Three onchain protocols brought tokenized SpaceX exposure live on IPO morning, and Kraken put SPCX on its own venue without relying on xStocks for share sourcing.
