SpaceX’s debut: A win for crypto price discovery, a fail for tokenized access

SpaceX’s blockbuster debut didn’t just mint a trillionaire; it became a real-world stress test for crypto’s promise of democratized market access.

SpaceX’s hotly anticipated public debut on June 12 raised $75 billion at $135 per share, valuing the company at more than $2 trillion and turning its founder, Elon Musk, into the world’s first trillionaire.

And it’s not only Musk getting wealthier. Buyers who got in at the offer price made roughly 20% almost overnight, while early private investors saw far larger gains.

Crypto traders, meanwhile, were abruptly cut out of the deal, left holding pre-IPO subscription tokens on platforms like Binance, Bybit and Bitget with no allocation to SpaceX at all.

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