Three major cryptocurrency exchanges — Bybit, Binance and Bitget — have canceled their tokenized stock allocation campaigns for SpaceX’s highly anticipated initial public offering (IPO) after failing to secure the underlying shares. All platforms announced full refunds to affected users, accompanied by additional compensation in various forms. The issue stemmed from the inability of xStocks, the service provider tasked with delivering the underlying assets, to fulfill its commitments, leaving the exchanges without any allocation.
Bybit was the first to disclose the problem. In an official statement, the exchange said, “Due to xStocks’ inability to deliver the underlying assets, Bybit did not receive any allocation.” Subscribed users will automatically receive 100% of their funds back, plus an extra reward of 10% annual interest calculated over four days for eligible participants. Bitget reported an identical scenario, confirming it could not secure or distribute the SPCXx tokens linked to the IPO. The platform emphasized that the xStocks team “did everything possible to guarantee the allocation, but it ultimately was not available as expected,” and promised full refunds of fees, whitelisting privileges for future tokenized IPOs, and a gas fee voucher.
Binance also canceled its campaign on Binance Wallet for the SPCXx token, citing “circumstances beyond our control.” The exchange went further in compensating users: it will return all USDC funds locked during the subscription period and distribute a $1 million airdrop in tokens from its upcoming product, SpaceX bStocks (SPCXB), among the affected participants. Meanwhile, Kraken has not issued any public statement on the status of its own SpaceX IPO allocation, leaving uncertainty about whether it secured any shares or will follow suit with cancellations.
