Bybit Refunds SpaceX IPO Subscriptions Amid xStocks Underallocation

Crypto exchange Bybit has refunded 100% of subscription funds to users after it failed to receive allocations for the SpaceX IPO due to xStocks' inability to deliver underlying assets.

The refund comes as the SpaceX stock debuted on Nasdaq, opening at $150 per share, an 11% increase over its IPO price of $135. The IPO was reportedly oversubscribed by more than 4 times, signaling massive demand for the stock.

Bybit announced that eligible participants will receive an additional reward based on a 10% APR over a fixed 4-day period, which they will credit automatically to users' accounts.

In a separate move, Binance canceled its SpaceX IPO campaign due to circumstances 'outside of their control.' The exchange announced a full refund of USDC to all participating users' Binance wallets and promised to distribute $1 million worth of bStocks SpaceX tokens to users who participated in the campaign by June 18.