Home Major Crypto Exchanges Cancel SpaceX IPO Allocations, Promising Refunds

Major Crypto Exchanges Cancel SpaceX IPO Allocations, Promising Refunds

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Major Crypto Exchanges Cancel SpaceX IPO Allocations, Promising Refunds
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Crypto trading platforms Bybit, Binance, Bitget Wallet and MEXC cancelled their tokenized SpaceX IPO campaigns as SpaceX went public on the Nasdaq on Friday.

SpaceX’s IPO, which was reportedly more than four times oversubscribed, raised $75 billion as it became a publicly traded company.

SpaceX shares opened for trading at $150 on Friday, up from its IPO price of $135. It closed the day at $161.11, valuing the company at over $2 trillion.

However, major crypto platforms offering tokenized access to the IPO were unable to fulfill demand for SpaceX allocations, with several blaming Kraken-owned xStocks’ inability to deliver the underlying assets.

The failed campaigns marked a setback for crypto platforms seeking to give their users high-demand public offerings for the first time. Bybit, which was offering tokenized access to SpaceX through its new Bybit IPO Express, was one of the first to announce the cancellation.

 

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Written by
Kapil Rajyaguru -

Kapil Rajyaguru is a news editor at 3.0 TV with over 15 years of professional writing experience and more than four years dedicated to the cryptoverse.

An engineer by education and a writer by passion, Kapil brings a rare mix of technical insight and storytelling finesse. A firm believer that cryptocurrencies, blockchain and AI are the building blocks of the future, he crafts in-depth news and analysis to educate, empower and prepare the masses for the next frontier of Web3.

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