Crypto platforms offer tokenized access to SpaceX IPO

SpaceX’s $75 billion initial public offering drew roughly $150 billion in investor demand, about twice the shares on offer. Crypto exchanges Bybit and Kraken opened tokenized tracker certificates that allow users to subscribe for price exposure to the IPO from June 7 through June 11, with token trading set to begin on June 12, the same day SpaceX lists on Nasdaq.

Bybit’s product, marketed as xStocks, launched its subscription window on June 7 and plans to list the tokens on its spot market on June 12. The tokens are issued by Backed Assets (JE) Limited, a Jersey-based issuer, and are structured as tracker certificates that mirror SpaceX’s share price. Bybit set an indicative subscription price of $135 in USDC plus a 5% underwriting fee, a $100 USDC minimum, and a cap of 50 subscription orders per user. The company confirmed the tokens are to be backed one-for-one by real equity held in regulated broker-dealer custody after final allocations are determined on listing day.

Kraken began offering a similar product under the ticker SPCXx on June 5 to verified users in more than 110 countries. No traditional brokerage account is required to subscribe on either platform. A user posted that SPCXx is a tokenized synthetic product that simply tracks SpaceX’s price, underlining that the tokens do not represent direct equity.

The tokenized certificates provide economic exposure to SpaceX’s share price but do not convey shareholder voting rights or dividend rights. Token holders do not receive the same legal protections that come with owning Nasdaq-listed shares in a brokerage account.

Exchanges and the Jersey issuer described custody arrangements and one-for-one backing commitments intended to support the tokens. Because the products are synthetic and issued on crypto platforms, they carry different counterparty, custody and liquidity risks than standard brokerage holdings. If an exchange or issuer encounters liquidity or custody problems, token holders could face losses that would not arise in a typical brokerage relationship.

Traditional brokerages are expected to prorate retail IPO allocations because reported demand exceeds supply by about two to one. For investors seeking legal shareholder status and attendant rights, applying through a traditional brokerage remains the only route. The tokenized certificates offer an alternative for investors who want price exposure without a brokerage allocation. The subscription window closes June 11 and SpaceX shares begin public trading on June 12.