Crypto Firms Scrap Tokenized SpaceX Share Offerings as SPCX Rallies After IPO
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Compiled by KHAO Editorial
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Crypto exchanges Binance, Bybit, and Bitget all refunded customers hoping to gain access to a tokenized version of SpaceX (SPCX) shares on Friday as Elon Musk’s rocket company saw its price rise amid massive hype.
Key facts
Shares in SpaceX, which were offered for $135, have jumped more than 26% since they began trading, recently changing hands at $172.31
In addition to refunding the subscribers, Binance is distributing $1 million worth of SpaceX shares via bStocks—its newly introduced tokenized securities offering—equally to those who participated
Binance similarly indicated that because of unspecified circumstances outside its control, it would have to cancel its SPC—the SpaceX pre-IPO token from xStocks—campaign
Protect users when things don't go as planned,” Binance founder and former CEO Changpeng “CZ” Zhao posted on X
Summary
Three crypto exchanges cancelled campaigns that sought to provide access to the SpaceX IPO. The firms cited tokenized equity platform xStocks' inability to land allocations in the IPO. Shares of SPCX are up more than 26% from their IPO price of $135. The crypto firms returned the customer funds after xStocks, the tokenized equities platform, was unable to secure allocations of the underlying shares, they said.