Bybit Launches Tokenized SpaceX IPO Subscription Product

Crypto exchange Bybit has launched a tokenized investment product tied to the SpaceX initial public offering.

The Block reported on June 7 that Bybit will offer pre-listing access to SpaceX through its IPO Express platform. The subscription period opened June 7 and will run for four days. Users can participate by depositing USDC.

The product was launched ahead of SpaceX's Nasdaq listing. SpaceX recently completed a merger with Elon Musk's artificial intelligence company xAI and is slated to list on June 12.

Bybit set a reference price for SpaceX shares at 135 USDC and charges a separate 5% underwriting fee. The minimum subscription amount is 100 USDC, and each user can place up to 50 subscription orders.

Allocation results are due on June 11, and token distribution is scheduled for June 12. Funds deposited during the subscription period will be locked, and users may receive a partial allocation or none at all depending on demand.

The offering is the second tokenized SpaceX IPO service to launch after Kraken. Both companies provide the service through the xStocks Alliance, operated by Kraken affiliate Payward Services.

The tokens distributed to investors are designed to track the price of SpaceX shares. Bybit says the product is linked one-to-one to the underlying stock. Its terms also state that other assets, including cash, may be used as collateral and that Bybit does not directly verify the composition of that collateral.

Emily Bao, Bybit's head of spot, said the partnership with xStocks would let users around the world invest in the US IPO market alongside crypto assets. Retail investors would also be able to access IPOs in a way similar to institutional investors, she added.

Separately, SpaceX is seeking to raise about $75 billion at a valuation of more than $1.8 trillion.