Bybit, Binance and Bitget Cancel Tokenized SpaceX Allocations as xStocks Fails to Deliver Shares

Binance, Bybit and Bitget canceled their tokenized SpaceX IPO allocation campaigns Friday and refunded subscribers in full after xStocks, the tokenized-equity provider routing the deals, could not source the underlying shares — even as xStocks' own onchain token and competing protocols brought SpaceX exposure live the same morning.

Bybit moved first. In a Friday notice, the exchange told subscribers that "due to xStocks' inability to deliver the underlying assets, no SpaceX allocations were received," and that it would return all subscription funds automatically. Binance followed with its own cancellation notice, citing "circumstances outside of our control" for the collapse of its Binance Wallet SPCXX campaign. Bitget also canceled and refunded.

Binance, the largest crypto exchange by trading volume, had drawn $557 million in onchain subscriptions for its SPCXX campaign ahead of the IPO. The exchange unwound the campaign with no allocations distributed.

Changpeng Zhao, Binance's co-founder, posted Friday linking to the cancellation notice with a brief note: "Protect users when things don't go as planned." He offered no further detail on how the sourcing breakdown occurred.

xStocks Role

xStocks is a tokenized-equity provider that issues onchain tokens tracking the price of real shares; its assets had crossed $100 million on Ethereum and $30 million on BNB Chain in the weeks before the IPO.

xSrocks has its own DeFi token, SPCXx, is an onchain instrument that traded on decentralized exchanges from IPO morning. Separately, xStocks agreed to procure physical SpaceX shares and hand them to Binance, Bybit and Bitget, which packaged that supply into centralized IPO-allocation campaigns for their users.

The DeFi token launched as planned. The share-sourcing handoff to the three exchanges did not.

Kraken Rollout

Kraken, the US-based crypto exchange, split its launch across two products, and neither depended on the route that failed. Its US listing, SPCX, sources shares through Payward Securities, Kraken's affiliated broker-dealer, and never touched xStocks. Its non-US offering, SPCXx, is the same xStocks DeFi token that traded everywhere else. Kraken posted Friday that "SpaceX has officially landed on Kraken," with SPCX tradable in the U.S. and SPCXx available outside it.

The Onchain Launches Held

Three onchain protocols brought tokenized SpaceX exposure live on IPO morning. Ondo Finance, a tokenization protocol, posted that SPCXon went live on Ondo Global Markets across Solana, Ethereum and BNB Chain simultaneously, with the token swappable through 1inch, which announced the integration Friday. 1inch separately noted that xStocks' SPCXx was live and swappable on its decentralized exchange.

On Solana, the Solana account posted that SPCX was live via Sunrise, issued by Backpack Securities, redeemable for an underlying SpaceX share and tradable around the clock. Pyth Network announced a live SPCX price feed for Pyth Pro users Friday morning.

Where the Delivery Broke Down

Ondo's SPCXon, xStocks' SPCXx and Backpack's SPCX are onchain instruments linked directly to underlying shares or price feeds. Kraken's US SPCX routes share procurement through its own broker-dealer.

The Binance, Bybit and Bitget campaigns were the only products that relied on xStocks to source physical shares from the IPO pipeline and deliver them to a centralized exchange. That handoff is where the failure sat.

The onchain tokens went live, the broker-dealer path went live, and only the share-sourcing route into the three exchanges broke down.

By the exchanges' own accounts, the breakdown originated with xStocks. xStocks has made no public statement explaining why it could not deliver the shares.

To Be Sure

The cancellations do not point to a broad failure of tokenized equities. xStocks' own token, Ondo's and Backpack's tokens, and Kraken's broker-dealer listing all delivered SpaceX exposure on schedule.

The failure was confined to the centralized allocation model, which depends on an intermediary procuring real shares from the IPO and delivering them to an exchange, a step the purely onchain and broker-dealer paths skip.

The Defiant previewed the tokenized-equity stack on the eve of the IPO, and Bybit and Kraken had listed xStocks SpaceX derivatives in the pre-IPO run-up.

SpaceX began trading on the Nasdaq on Friday at a valuation of roughly $1.75 trillion. xStocks has not said whether it will attempt to source the shares again, and none of the three exchanges has indicated plans to relaunch its campaign.