Bending Spoons IPO Soars 40% – Tokenized BSPx Risks

Bending Spoons closed its first NASDAQ trading session at $40.50, up nearly 40% from the $29 offering price. The IPO raised $1.68 billion and valued the Italian software company at roughly $25.7 billion.

Alongside the traditional listing, Bending Spoons made tokenized shares available on crypto platforms Kraken and Backed.fi under the ticker BSPx. The tokens give crypto-native investors exposure to the stock without a standard brokerage account.

Bending Spoons built its reputation by acquiring underperforming digital brands and squeezing profit out of them. Its portfolio includes Evernote, WeTransfer, Remini, and more recently AOL and Vimeo. The company was founded in 2013 by Luca Ferrari, who serves as CEO, and Matteo Danieli.

The first-day surge did not hold. BSP shares fell 6% in pre-market trading the following session.

For traders using tokenized BSPx, the key risk is tracking error. Tokenized shares are derivative instruments, often structured as swaps or collateralized tokens, and their price can drift from the underlying stock due to funding costs and liquidity mismatches. Similar structures have shown wide deviations in stressed markets, as covered in DeFi Lending's Wrapper Trap: Tokenized GOOGL Inflated 78x.

If BSP shares continue to slide, BSPx could trade at a discount to the NASDAQ price, amplifying losses for token holders. Tight tracking and stable liquidity would reduce that concern. The first few days of secondary trading will show how well the token holds its peg.

The pre-market drop raises questions about whether the IPO pop was a one-day event. Bending Spoons now trades on the NASDAQ under ticker BSP, while BSPx remains available on Kraken and Backed.fi.