Cryptocurrency trading platforms Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns as SpaceX went public on the Nasdaq exchange on Friday.
SpaceX’s IPO, which reportedly amounted to over oversubscribed four timesraised USD 75 billion, becoming a listed company. SpaceX shares were trading at $150 on Friday, down from an IPO price of $135. It closed the day at $161.11, valuing the company at over $2 trillion.
However, major crypto platforms offering tokenized access to the IPO were unable to meet demand for SpaceX allocations, which several people blamed Kraken’s property Inability of xStocks to deliver the underlying assets.
The failed campaigns spelled failure for crypto platforms that were looking to provide their users with high-demand IPOs for the first time.
Bybit, what happened offering tokenized access to SpaceX through the novel Bybit IPO Express, was one of the first to announce the cancellation.
“Due to xStocks’ inability to deliver core assets, no SpaceX allocations have been received. As a result, subscribed users will not receive SpaceX allocations.”
Binance SpaceX tokenized IPO campaign which attracted over $557 million in USDC deposits, stated that she could not join the campaign due to “circumstances beyond our control”. Binance Wallet also relied on xStocks.
Source: Changpeng Zhao
Bitget wallet and MEXC too he said they would refund affected users after they were unable to secure an allocation of tokenized SPCX xStocks.
Related: Bitcoin surfs SpaceX IPO at $64,000 dollars as trader warns that key BTC price support could break down
“It’s disappointing that this didn’t work out in the end. We’re in the process of sending out refunds,” said Alvin Kan, Bitget Wallet’s COO at X.
“Yes, we suffered a setback and confidence in the industry took a hit, but we will come out of it stronger,” he added.
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