Crypto tokens offer price access to SpaceX IPO, not shares

SpaceX’s $75 billion initial public offering attracted roughly $150 billion in investor demand, about twice the amount the company planned to raise. That oversubscription means many retail investors placing orders through traditional brokerages are likely to receive little or no allocation.

Two crypto exchanges have opened alternate routes. Bybit opened a subscription window running June 7–11 and expects its SPCXx tokens to start trading on June 12, the same day SpaceX lists on Nasdaq. Kraken launched SPCXx on June 5 and began accepting subscriptions for verified users in more than 110 countries; its subscription window also runs through June 11.

Bybit’s offering uses an indicative price of 135 USDC per token plus a 5% underwriting fee. Subscriptions require a minimum of 100 USDC and are capped at 50 subscriptions per user. Kraken’s product is available to eligible verified accounts and follows its own onboarding and verification rules.

The tokens are issued by Backed Assets (JE) Limited, a Jersey-based entity, and are structured as tracker certificates that mirror SpaceX’s share price. Token holders receive economic exposure to price movements but do not become registered shareholders. Holders will not have voting rights or dividend entitlements tied to Nasdaq-listed SpaceX shares.

Bybit has indicated the tokens will be backed 1:1 by real equity held in regulated broker-dealer custody after official allocations are finalized on listing day. Kraken has clarified that its xStocks are synthetic products that track SpaceX’s price rather than representing direct ownership of shares.

Tokenized positions depend on the platform and issuer for custody, liquidity and operational stability. If an exchange or the issuer encounters financial or operational problems, token holders could face different outcomes than investors holding regulated shares through a broker and a transfer agent.

The subscription windows close June 11. SpaceX shares and the corresponding tokenized trackers are expected to begin trading on June 12. Market participants are watching how allocations and custody arrangements are finalized on listing day and whether the tokenized products trade in line with the underlying shares once both begin public trading.