Why tokenized SpaceX shares broke before retail investors could buy them

Tokenized SpaceX shares drew more than $1 billion in demand, but many investors received refunds instead. What went wrong?

How the $1B SpaceX offering exposed crypto’s blind spot

For retail investors shut out of private markets, tokenized SpaceX shares offered an unusual route into one of the world’s most coveted private companies. The blockchain-based tokens allowed investors to seek exposure without a conventional brokerage account and before any potential public listing.

Then practical limits got in the way.

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