Key Highlights
- On June 7, Bybit introduced tokenized access to SpaceX’s IPO for VIP and Pro members at $135 per token with an additional 5% underwriting charge
- The xStocks infrastructure, managed by Payward Services (Kraken’s parent entity), powers both platforms’ offerings
- SpaceX seeks a $1.75 trillion market cap and plans to secure $75 billion — potentially setting a record for the world’s largest public debut
- These tokens function as tracker certificates rather than actual equity ownership — holders receive neither voting privileges nor dividend payments
- According to Bybit’s terms and conditions, the assets backing these tokens “may not always consist of the underlying shares”
Major cryptocurrency trading platforms Bybit and Kraken have introduced a new way for digital asset traders to participate in SpaceX’s initial public offering through tokenized instruments, though significant restrictions and disclaimers accompany these products.
Understanding Bybit’s IPO Express Program
Bybit initiated its subscription process on June 7 for the IPO Express service. Access is restricted to VIP and Pro account holders who have successfully completed Level 1 identity verification procedures. The subscription period extends through June 11, with token allocation occurring on June 11 and final distribution planned for June 12 — coinciding with SpaceX’s anticipated Nasdaq market entry.
Participants pledge USDC at a preliminary valuation of $135 per token, which includes a 5% underwriting charge. The entry threshold is set at 100 USDC, with individual users restricted to a maximum of 50 subscription requests. Committed capital remains frozen until the allocation phase completes.
When the ultimate IPO pricing falls within 20% of the $135 preliminary figure, Bybit executes automatic subscriptions for participants. Should pricing exceed the 20% threshold, users must provide additional confirmation during a designated timeframe. Final allocations may range from partial fulfillment to complete rejection based on overall participation levels.
As of Sunday morning, approximately 550 participants had completed pre-registration, collectively committing around $9.1 million in USDC.
The Real Nature of xStocks Tokens
Both cryptocurrency platforms leverage the xStocks infrastructure, which operates under Payward Services — the business-to-business division of Kraken’s corporate parent. This framework originated with Backed Finance before being absorbed through Kraken’s acquisition.
Backed Assets (JE) Limited, an entity registered in Jersey, serves as the token issuer. The instruments are classified as tracker certificates — essentially bearer debt securities that mirror SpaceX share valuations. Token holders do not gain voting authority or entitlement to corporate dividends.
While Bybit’s promotional materials characterize these tokens as “backed 1:1 by real equity,” the official product documentation clarifies that supporting collateral “may not always consist of the underlying shares” and permits substitution with cash equivalents or alternative assets. Additionally, Bybit explicitly states it performs no independent verification of the collateral composition.
Kraken rolled out its alternative on June 5 under the ticker symbol SPCXx, providing access across more than 110 jurisdictions. While Bybit’s program excludes the European Economic Area, Kraken serves this region through a Cyprus-regulated subsidiary.
SpaceX’s Monumental Public Offering Context
SpaceX’s public market debut is being orchestrated by a consortium of 23 financial institutions. Goldman Sachs occupies the primary underwriter position, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase following in succession. The aerospace company aims for a $1.75 trillion market capitalization with shares offered at $135, intending to generate approximately $75 billion in capital.
Investor appetite has surged to roughly $150 billion — representing approximately twice the capital SpaceX intends to raise.
The xStocks tokenization methodology represents a distinct approach compared to strategies employed by competing cryptocurrency platforms. Coinbase, Binance, OKX, Bitget, and numerous others have introduced pre-IPO perpetual futures instruments for SpaceX exposure instead. These alternative products present their own hazards — one trading venue, Ventuals, recently issued compensation to affected traders after a technical malfunction triggered a 45% plunge in its SpaceX perpetual contract within a 30-minute span.
SpaceX’s public offering follows its corporate combination with Elon Musk’s xAI, which had previously taken control of the X social media platform.
