Bybit follows Kraken in offering tokenized SpaceX IPO access via xStocks
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Crypto exchange Bybit launched a tokenized SpaceX IPO access product on Sunday, opening a four-day window for eligible users to commit USDC ahead of the rocket, satellite broadband, social media and AI company's expected Nasdaq debut on June 12.
Key facts
- The product, called IPO Express, uses an indicative price of 135 USDC plus a 5% "underwriting fee," with a 100 USDC minimum and a cap of 50 subscription orders per user
- As of this article's publication on Sunday morning Eastern Time, about 550 users had pre-registered for Bybit's product with total subscription amounts of roughly $9.1 million in USDC, according
- Bybit's press release describes the SpaceX tokens as "backed 1:1 by real equity held in regulated broker-dealer custody," with co-founder and CEO Ben Zhou describing the offering as "1=1 stock
- Pre-IPO perpetual futures also face risks; Ventuals recently said it would compensate traders after a bug with data from an offchain oracle caused its pre-IPO SpaceX perpetual contract on Hyperliquid
Summary
The product, called IPO Express, uses an indicative price of 135 USDC plus a 5% "underwriting fee," with a 100 USDC minimum and a cap of 50 subscription orders per user. If the final IPO price lands within 20% of the indicative price, Bybit will automatically subscribe users at the final price; if it lands more than 20% above, users must reconfirm within a set window, per the terms of the offering. Bybit is the second crypto exchange this week to launch tokenized SpaceX IPO access through the xStocks Alliance, the multi-exchange network operated by Payward Services, the B2B infrastructure arm of Kraken's parent company, as The Block previously reported.