Crypto Exchanges Cancel Tokenized SpaceX IPO Campaigns Amid Allocation Issues

Crypto exchanges and wallet platforms have canceled their tokenized SpaceX IPO campaigns after the company began trading on the Nasdaq. The platforms, including Bybit, Binance, Bitget Wallet, and MEXC, pointed to problems with securing underlying allocations through xStocks.

Bybit stated that it did not receive any SpaceX allocations due to xStocks' failure to deliver the underlying assets, and users would not receive the expected access. Binance also reported that its campaign, which attracted over $557 million in USDC deposits, could not proceed due to circumstances outside its control.

Bitget Wallet and MEXC stated that they would refund affected users after being unable to secure an allocation of xStocks' tokenized SPCX exposure. The episode highlights the challenges faced by tokenized access products when upstream allocation mechanics fail, particularly in high-demand public events such as SpaceX's IPO.