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Bybit, Bitget Wallet, Binance Refund SpaceX Token Allocations After Failed IPO Distribution

GateNews
SPCX-0.14%
AIRDROP-0.23%
According to statements from the exchanges, Bybit, Bitget Wallet, and Binance canceled tokenized SpaceX share allocations and refunded all subscription funds after failing to secure sufficient underlying assets on June 12. SpaceX officially listed at $150 per share around 11:45 AM ET, roughly 12% above the $135 IPO price. xStocks, which supplied the tokenized products, was unable to deliver the required underlying shares due to overwhelming demand. Bybit said all subscription funds would be refunded automatically with an additional 10% consolation reward. Bitget Wallet provided full refunds including fees plus future IPO whitelisting access. Binance locked USDC was refunded, with participating users receiving a share of a $1 million airdrop of its bStocks SpaceX token, SPCXB. Kraken, which acquired xStocks, similarly returned unfilled orders, though some users received only partial allocations despite larger commitments due to heavy oversubscription.
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