Hassan Maishera
TL;DR
-
Bybit launched tokenized access to the SpaceX IPO on Sunday for VIP and Pro users.
-
The offering, branded IPO Express, gives users a four-day subscription window to gain exposure to the anticipated listing of SpaceX.
Crypto Exchange Opens Four-Day Subscription Window for “IPO Express”
Bybit has introduced a tokenized SpaceX IPO access product, allowing eligible users to commit USDC ahead of what is expected to be a high-profile Nasdaq debut on June 12.
The offering, branded IPO Express, opened on Sunday and gives users a four-day subscription window to gain exposure to the anticipated listing of SpaceX.
The product is part of a broader wave of crypto platforms experimenting with tokenized or synthetic exposure to pre-IPO equities.
IPO Express uses an indicative price of 135 USDC per unit, plus a 5% underwriting fee, with a minimum subscription of 100 USDC. Users are limited to 50 subscription orders each.
Bybit revealed that subscription opens at 8:00 UTC Sunday (VIP and Pro users only), allocation commences 8:00 UTC on June 11, while the token distribution takes place at 12:30 UTC on June 12
Funds committed by users are frozen until allocation is finalized. Depending on demand, allocations may be partial or even zero.
Bybit also outlined conditional pricing mechanics: if the final IPO price is within 20% of the indicative price, subscriptions will proceed automatically. If it exceeds that threshold, users must reconfirm participation within a designated window.
Tokenized Exposure via xStocks Alliance
The product is being issued through the xStocks Alliance, a multi-exchange infrastructure network operated by Payward Services, the B2B arm of Kraken’s parent company.
The xStocks framework is designed to provide blockchain-based exposure to traditional equities through tracker certificates rather than direct ownership.
Similar offerings have already emerged across the sector, including products from Kraken and other platforms exploring tokenized pre-IPO exposure.
According to product documentation, xStocks tokens are issued by Backed Assets (JE) Limited and structured as tracker instruments that reflect the economic performance of the underlying asset rather than granting shareholder rights.
That means holders do not receive voting rights or dividends associated with the underlying stock.
The tokens are designed to be blockchain-agnostic and can operate across networks, including Ethereum, Solana, and TON.
Conflicting Descriptions of Collateral Structure
Bybit describes the tokens as being “backed 1:1 by real equity held in regulated broker-dealer custody,” with CEO Ben Zhou characterizing the product as “1=1 stock backed, compliant and secure” on X.
Bybit First IPO Express - SpaceX is Live nowhttps://t.co/iBxXCadlg3
— Ben Zhou (@benbybit) June 7, 2026
Working exclusively with @xStocksFi and @krakenfx present you the most compliant method to participate in SpaceX pre IPO.
1=1 stock backed, compliant and secure. pic.twitter.com/dxzkpyFeGt
However, the product terms also state that collateral may include substitutes such as cash equivalents, and that the exchange does not independently verify the underlying collateral composition.
The launch comes amid a broader race among crypto exchanges to offer exposure to private-market giants ahead of public listings.
Coinbase recently launched USDC-settled SpaceX pre-IPO perpetual futures on its international exchange, while platforms including Binance, OKX, Crypto.com, and Hyperliquid-based venues have also introduced similar instruments.
Unlike tokenized tracker certificates, perpetual futures are synthetic derivatives that track expected valuation movements rather than offering asset-backed exposure.
