Major crypto exchanges cancel SpaceX IPO allocations, promising refunds

Elon Musk’s SpaceX completed its landmark IPO on the Nasdaq on Friday, but crypto users seeking tokenized exposure to the IPO were left empty-handed after allocations fell through.

Crypto trading platforms Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns and offered refunds for users as SpaceX went public on the Nasdaq on Friday. 

SpaceX’s IPO, which was reported as more than four times oversubscribed, raised $75 billion as it became a publicly traded company. SpaceX shares opened for trading at $150 on Friday, up from its IPO price of $135. It closed the day at $161.11, valuing the company at over $2 trillion. 

However, major crypto platforms offering tokenized access to the IPO were unable to fulfill demand for SpaceX allocations, with several blaming Kraken-owned xStocks’ inability to deliver the underlying assets. 

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