Bybit, Binance Wallet, Bitget Wallet, and MEXC moved to refund users after xStocks could not deliver tokenized SpaceX IPO allocations.
Crypto's tokenized equity push met a high-profile stress test as SpaceX IPO access campaigns moved from headline demand to refunds.
TheStreet reported that Bybit, Bitget Wallet, and Binance Wallet canceled tokenized SpaceX IPO campaigns on June 12 after xStocks was unable to deliver the underlying allocations. Cointelegraph, via TradingView, also listed MEXC among the platforms refunding affected users.
The timing made the setback more visible. SpaceX began trading on Nasdaq the same day, with Cointelegraph reporting a $75 billion raise, a $135 IPO price, a $150 opening trade, and a close near $161. Binance Wallet's campaign drew more than $557 million in USDC deposits before being scrapped, according to the same report.
This is not a simple exchange listing hiccup. Tokenized stocks promise broader market access, 24/7 trading, and portable ownership rails, but IPO allocation is still bottlenecked by traditional underwriting and custody plumbing.
Kraken had promoted xStocks as a way for eligible customers in more than 110 regions to seek 1:1 backed tokenized SpaceX equity exposure. The refund wave shows that demand can arrive faster than the off-chain share supply needed to back the on-chain product.
Users will watch how quickly refunds and compensation land, including Binance Wallet's pledged $1 million SPCXB airdrop and Bybit's short APR bonus. The bigger signal is whether tokenized equity providers tighten allocation controls before the next major IPO campaign.
The SpaceX episode does not end the tokenized stock thesis, but it does expose the execution risk. The next launch needs cleaner allocation matching before crypto rails can credibly claim IPO access as a repeatable product.
Disclaimer: News content is for informational purposes only and should not be considered financial advice. Market conditions can change rapidly. Always conduct your own research.
