Binance, Kraken, Bybit Users Receive Far Fewer SPCX Shares

Users on Binance, Kraken and Bybit received far fewer tokenized SpaceX shares than they subscribed for after underwriter allocations to crypto platforms proved much smaller than demand; Bybit received no allocation and refunded subscribers in full.

SpaceX began trading on Nasdaq under the SPCX ticker on June 12 after an offering that raised $75 billion and implied a $1.75 trillion valuation. The sale included 555.6 million shares priced at $135 each. Platforms offering tokenized access handled a small tranche routed through the xStocks framework from Backed Assets.

Kraken reported its pre-IPO allocation from underwriters was smaller than expected and it could only partially fill orders. The exchange said every unfilled portion will be refunded. Community reports indicate successful Kraken participants each received 4.2786 SPCXx tokens, about $578 at the $135 offering price; Kraken has not formally confirmed that exact figure. Kraken acquired Backed in December 2025 and launched its IPO access program with the SpaceX listing.

On-chain tracking shows Binance Wallet drew roughly $557 million in USDC from 27,689 addresses during a 28-hour subscription window. More than 81% of wallets committed $20,000 or less, while 114 addresses pledged at least $500,000 each. Binance canceled the campaign, citing circumstances outside its control, and will issue refunds. The platform passed a 5% underwriting fee above the $135 indicative price to participants. Binance founder Changpeng Zhao wrote on social media, “Protect users when things don’t go as planned.”

Bybit posted that xStocks was unable to deliver the underlying assets and that no SpaceX allocations were received; it said 100% of subscription funds will be refunded automatically to original payment methods. Other platforms that used xStocks, including Bitget, suspended campaigns and announced refunds and compensation for affected users. Participation carried costs: Kraken applied a 5% spread to the final allocation price, while Binance passed a 5% underwriting fee.

Underwriters control how IPO shares are distributed and can allocate stock pro-rata, randomly, by tiers, or based on institutional relationships. When demand exceeds the available tranche routed to tokenized platforms, allocations can be partial or zero. SPCXx tokens issued for the tokenized tranche now trade around the clock and provide price exposure only; they do not carry voting rights.

Platforms had offered synthetic and perpetual products tied to SpaceX pricing in the weeks leading up to the listing, generating significant demand for on-chain IPO access. Market participants have raised questions about allocation sizes and distribution methods for future tokenized IPOs in light of the shortfall.