Kraken Launches SpaceX IPO Access Service Through Tokenized Shares
Summary
- Kraken said it will offer a SpaceX IPO investment service through tokenized stock platform xStocks.
- Investors can join the IPO through the Kraken app after completing identity verification, receive SPCXx, a tokenized stock backed one-for-one by SpaceX shares, and trade it 24 hours a day.
- The SpaceX IPO is seeking to raise about $75 billion at a valuation of at least $1.8 trillion, and if completed, it would become the largest public offering on record.
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Cryptocurrency exchange Kraken is launching an investment service for SpaceX's initial public offering through xStocks, its tokenized stock platform.
Cointelegraph reported on June 5 that Kraken selected SpaceX as the first company for its xStocks IPO Access service.
The service allows investors to participate in IPOs through tokenized shares. Users can apply for the offering through the Kraken mobile app after completing identity verification.
Investors who receive allocations will be issued SPCXx, a tokenized stock backed one-for-one by SpaceX shares. The token can be traded 24 hours a day on Kraken and on platforms participating in xStocks.
The service is unavailable to investors in the US, Canada, the UK and Australia because of regulatory restrictions. It is currently open to investors in more than 110 countries and territories, including the European Economic Area.
SpaceX is targeting a June 12 listing. Bloomberg reported that demand for the offering has already exceeded the shares available, and the company is seeking to raise about $75 billion at a valuation of at least $1.8 trillion.
If completed, the deal would surpass Saudi Aramco's $29.4 billion IPO in 2019 and become the largest public offering on record.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
