Bybit, Binance and Bitget Cancel SpaceX Tokenized IPO Allocations After Share Shortage

Several major crypto exchanges have canceled planned allocations of tokenized SpaceX IPO shares after failing to secure enough underlying stock to meet strong investor demand.

Bybit confirmed that no users would receive allocations because the required shares were not delivered by the tokenization provider. The exchange said all subscription funds would be refunded automatically, while eligible participants would receive an additional 10% reward as compensation.

Bitget announced a similar decision, stating that allocations for SPCXx tokens could not be completed. Users will receive full refunds, including fees, along with future tokenized IPO whitelist benefits and gas fee vouchers.

Strong Demand Drives Allocation Problems

Binance also canceled its SPCXx IPO campaign, citing circumstances beyond its control. The exchange said locked USDC funds would be returned and affected users would receive a share of a $1 million airdrop tied to its upcoming SpaceX token offering.

Despite allocation issues, SpaceX shares officially debuted at around $150, above the IPO price of $135. Heavy demand also affected traditional brokers, with some using lottery systems and trading restrictions as investor interest exceeded available shares.