Key Highlights
- Bybit introduced tokenized SpaceX IPO participation on June 7, targeting VIP and Pro members at $135 per certificate with an additional 5% underwriting charge
- Kraken and Bybit deploy the xStocks infrastructure, managed by Payward Services (Kraken’s parent), to deliver this offering
- SpaceX seeks a $1.75 trillion market cap through a $75 billion capital raise — potentially the biggest IPO ever recorded
- These instruments function as tracker certificates rather than actual equity — participants receive no shareholder voting privileges or dividend payments
- According to Bybit’s documentation, the collateral supporting these tokens “may not always consist of the underlying shares”
Digital asset platforms Bybit and Kraken have introduced a mechanism for cryptocurrency holders to gain exposure to the SpaceX initial public offering through tokenized instruments, though the arrangement includes important restrictions and conditions.
Bybit’s IPO Express Product Structure
Bybit activated its subscription process on June 7 through its IPO Express platform. Eligibility is restricted to VIP and Pro tier members who have satisfied Level 1 identity verification requirements. The subscription period extends until June 11, followed by allocation on the same date and token delivery on June 12 — coinciding with SpaceX‘s anticipated Nasdaq debut.
Participants deposit USDC at a reference price of $135 per certificate, accompanied by a 5% underwriting charge. The entry threshold stands at 100 USDC, while individual participants face a limit of 50 subscription requests. Committed capital remains frozen until the allocation phase.
When the ultimate IPO pricing falls within 20% of the $135 reference point, Bybit executes automatic subscription. Should pricing exceed this threshold by more than 20%, participants must provide confirmation within a designated timeframe. Final allocations may be reduced or denied based on overall demand.
As of Sunday morning, approximately 550 participants had completed pre-registration, representing roughly $9.1 million in committed USDC.
Understanding xStocks Token Mechanics
Both Bybit and Kraken utilize the xStocks infrastructure, operated through Payward Services — the business-to-business division of Kraken’s parent organization. This framework originated with Backed Finance prior to its acquisition by Kraken.
The certificates are issued through Backed Assets (JE) Limited, an entity registered in Jersey. These instruments are classified as tracker certificates — bearer debt securities designed to mirror SpaceX share pricing. Certificate holders do not obtain voting authority or dividend entitlements.
While Bybit’s promotional content characterizes these tokens as “backed 1:1 by real equity,” the official terms specify that backing collateral “may not always consist of the underlying shares” and permits substitution with cash or alternative assets. Bybit further clarifies it does not conduct independent collateral verification.
Kraken deployed its offering on June 5 under the ticker symbol SPCXx, accessible across more than 110 jurisdictions. The European Economic Area is excluded from Bybit’s distribution but can participate through Kraken’s Cyprus-licensed subsidiary.
SpaceX IPO Context and Market Dynamics
SpaceX’s public offering involves a syndicate of 23 financial institutions. Goldman Sachs serves as lead underwriter, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase in supporting roles. The aerospace company pursues a $1.75 trillion valuation with shares offered at $135, aiming to secure approximately $75 billion in capital.
Investor interest has generated roughly $150 billion in demand — approximately twice the company’s fundraising target.
The xStocks tokenized methodology represents a distinct approach compared to competing cryptocurrency platforms. Coinbase, Binance, OKX, Bitget, and additional exchanges have instead introduced pre-IPO perpetual futures contracts based on SpaceX. These alternative products carry distinct risk profiles — one platform, Ventuals, recently provided trader compensation following a data malfunction that triggered a 45% decline in its SpaceX perpetual contract within 30 minutes.
SpaceX’s public offering follows its corporate combination with Elon Musk’s xAI, which had previously acquired the social platform X.
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