Bybit Refunds SpaceX IPO Subscribers After Zero Allocation

Bybit confirmed that users who subscribed to tokenized SpaceX shares through its IPO Express service will receive no allocations. The exchange will refund the locked funds in full.

Bybit launched the service on June 7, offering eligible users access to SPCX tokenized shares via the xStocks platform run by Payward Services. The subscription window ran through June 11, with pro-rata allocations scheduled for June 11-12 and spot trading set to start June 12, matching SpaceX’s anticipated Nasdaq listing. Users could subscribe with as little as $100 USDC. Funds stayed locked until underwriters confirmed final allocations.

The result: zero shares for subscribers. Everyone gets their money back.

SpaceX aimed to raise around $75 billion at an estimated valuation of $1.75 trillion. Institutional heavyweights absorbed the available allocations, leaving retail channels with nothing.

Bybit’s IPO Express sits alongside similar efforts from Kraken, as crypto exchanges try to position themselves as alternatives to traditional brokerages for equity-market access. The pitch lets crypto users participate in stock listings using stablecoins rather than fiat, with blockchain-based settlement.

For users who locked USDC expecting a small allocation, the outcome is disappointing but not costly. No one lost principal. They simply did not get shares.

Anyone considering these platforms should study the allocation mechanics before subscribing. Pro-rata distribution sounds fair in theory. When the denominator is massive and the numerator tiny, even fair math can produce zero.

Bybit has not announced a new date for SPCX spot trading. The tokenized shares remain in limbo.

For more on the broader trend of crypto exchanges offering equity derivatives, see Kalshi's Perps Cross $1B in a Week, Draw CME Chief's Warning.