SpaceX's record $75 billion IPO exposed cracks in crypto's tokenized equity model after xStocks failed to deliver over $1 billion in customer orders.

SpaceX debuted on Nasdaq at a $2.3 trillion valuation, raising $75 billion in the largest IPO ever. Its filing revealed 18,712 BTC holdings worth $1.3

Tokenized stocks didn’t pan out, but the underlying idea is sound.