SpaceX’s $2 Trillion Nasdaq Debut Triggers Refund Rush for Tokenized IPO Campaigns

SpaceX made a successful debut on the Nasdaq, lifting its market capitalization above $2 trillion. But across the cryptocurrency industry, campaigns to sell tokenized SpaceX shares were canceled en masse.

On June 12, global crypto platforms including Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns and began issuing refunds to users.

The disruption began after xStocks, a Kraken affiliate that had agreed to supply the underlying shares to the crypto exchanges, failed to deliver the assets. The exchanges had promoted the products as a way for overseas investors to buy into the SpaceX IPO in small amounts by linking the shares to blockchain tokens.

Bybit, the first platform to announce a cancellation, said it did not receive an allocation of SpaceX shares because xStocks failed to deliver the underlying assets. As a result, users who subscribed to the offering could not receive SpaceX allocations.

Binance, which had collected $557 million worth of USDC deposits for the campaign, also said it could not proceed because of external circumstances beyond its control.

Bitget Wallet and MEXC are also refunding affected users after failing to secure tokenized SpaceX share allocations from xStocks. Alvin Kan, chief operating officer of Bitget Wallet, said it was disappointing that the offering ultimately fell through. Refund procedures are now under way. He added that the episode had hurt trust in the industry, but said the company would emerge stronger from the setback.

Meanwhile, SpaceX drew intense investor demand in its Nasdaq debut the same day. The company raised $75 billion, with subscription orders alone exceeding four times the amount offered. The stock opened at $150, above its IPO price of $135, and closed its first trading day at $161.11, up 19.3% from the offering price. That pushed SpaceX’s valuation past $2 trillion.