Bybit Joins Tokenized IPO Market with SpaceX Offering

Crypto exchange Bybit has entered the tokenized IPO market, launching a new product that allows eligible users to invest in SpaceX's expected Nasdaq debut. The product, called IPO Express, is the latest move by Bybit to offer its customers access to traditional markets alongside their crypto assets.

The IPO Express product uses an indicative price of 135 $USDC plus a 5% underwriting fee and requires Level 1 individual or business identity verification from users. The subscription window for the product is open until June 11, with token distribution scheduled for 12:30 UTC on June 12.

Bybit's offering is part of the xStocks Alliance, a multi-exchange network operated by Payward Services, the B2B infrastructure arm of Kraken's parent company. The xStocks tokens are issued by Backed Assets (JE) Limited, a Jersey-based entity, and provide economic exposure to the underlying reference asset rather than direct equity ownership.