Crypto Exchanges Left Hanging as SpaceX IPO Allocation Falls Short

The highly anticipated SpaceX IPO has concluded, and crypto exchanges Binance, Bybit, and Kraken have revealed their allocations. The exchanges offered tokenized access to the SpaceX IPO through various campaigns, but it appears that user demand significantly exceeded supply.

Binance's Wallet campaign drew a staggering $557 million in USDC from 27,689 addresses in just 28 hours, according to on-chain data tracked on Dune. However, Binance was unable to proceed with the campaign due to circumstances outside of their control and will refund subscribers in full.

Kraken's growth team reported that the pre-IPO allocation received from underwriters fell below expectations for its tokenized SpaceX IPO access program. Successful Kraken subscribers all received an identical 4.2786 SPCXx, which equals roughly $578 at the $135 offering price, regardless of their initial commitment.

Bybit fared worse than both Binance and Kraken, stating that they received no allocation at all and refunded subscribers in full. The exchanges have also promised additional compensation for affected users.