Binance, Kraken Get Partial SpaceX IPO Tokens; Bybit Gets None

Binance and Kraken delivered only partial tokenized allocations for SpaceX’s SPCX IPO and are returning funds for unfilled portions. Bybit reported it received no allocation and has issued full refunds to subscribers.

SpaceX began trading on Nasdaq under the SPCX ticker on June 12 after selling 555.6 million shares at $135 apiece. The offering raised roughly $75 billion and implied a $1.75 trillion valuation. Demand on tokenized-access platforms exceeded the share allotment routed to those programs.

Kraken’s growth team reported that the pre-IPO allocation it received from underwriters was smaller than expected. The exchange filled orders only partially and will refund every unfilled portion. Community feedback indicates each successful Kraken subscriber received 4.2786 SPCXx tokens, equivalent to about $578 at the $135 offering price; Kraken has not confirmed that specific figure. Kraken applied a 5% spread to the final allocation price as part of the program’s terms.

Binance Wallet’s SPCXx campaign drew heavy interest. On-chain tracking showed about $557 million in USDC committed from 27,689 addresses over 28 hours, with more than 81% of wallets committing $20,000 or less and 114 addresses pledging at least $500,000 each. Binance notified users it could not proceed with the campaign “due to circumstances outside of our control,” and will cancel the offering and refund funds. The company had added a 5% underwriting fee on top of the $135 indicative price for participants. Binance founder Changpeng Zhao wrote on social media: “Protect users when things don’t go as planned.”

Bybit said the xStocks framework was unable to deliver the underlying assets and confirmed 100% of subscription funds will be returned to original payment methods. Bitget reported the xStocks team “made every effort to secure the allocation” but the shares were not available as expected. Binance, Bitget and Bybit announced they will cancel the campaigns and provide full refunds and additional compensation to affected customers.

The tokenized offerings were routed through xStocks, the tokenized equities framework created by Backed Assets. Kraken acquired Backed in December 2025 as part of its tokenized equities expansion. Kraken noted xStocks processed about $25 billion in volume across more than 100 tokenized stocks by March. Underwriters, not the exchanges or xStocks operators, determine IPO share allocations. Those allocations can be distributed pro-rata, randomly, by tier, or according to institutional relationships, which can leave retail-facing platforms with partial or zero fills when demand outstrips supply.

Allocated SPCXx tokens now trade 24/7 alongside other tokenized SpaceX share products, providing price exposure without voting rights. Users have posted reactions noting the shortfalls, including one investor who wrote he “tried to get 8,000 shares of SpaceX and only got 1,000.” Exchanges are completing refunds, arranging promised compensation, and updating how future tokenized IPO access programs will operate.