Bybit to Refund All SpaceX IPO Subscription Funds After Failing to Secure Shares
Summary
- Bybit said it will fully refund subscription funds to users who participated in the SpaceX IPO offering.
- The exchange said all subscriptions were canceled after it failed to secure SpaceX shares, and the funds will be returned automatically to users' original accounts.
- Bybit said eligible participants will automatically receive additional compensation calculated over four days at an annualized 10%% rate.
Forecast Trend Report by Period
Cryptocurrency exchange Bybit said it will fully refund users who subscribed to the SpaceX IPO through its platform.
In a notice issued June 12, the exchange said it was unable to secure SpaceX shares, leaving it unable to allocate stock to users who had subscribed through the platform.
Funds used for the SpaceX IPO subscriptions will be returned automatically to users' original accounts without any separate request.
Bybit also outlined a compensation plan.
Eligible participants will receive additional compensation calculated over four days at an annualized 10% rate. The payment will also be deposited automatically into user accounts.
Bybit had previously drawn investor interest by offering access to the SpaceX IPO through its platform.
All subscriptions were ultimately canceled after the exchange failed to secure the shares.
Demand tied to the SpaceX IPO has surged recently, intensifying competition to obtain private-market shares.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
