Major Crypto Exchanges Cancel SpaceX IPO…

This article is for informational purposes only and does not constitute financial or investment advice. Markets are volatile — always do your own research before making investment decisions.

Three top crypto exchanges—Binance, Bybit, and Bitget Wallet—shocked users on June 12 by canceling their tokenized SpaceX IPO allocations. SpaceX’s IPO stormed into the public markets, raising $75 billion in a headline-grabbing debut. Shares opened at $150, up from the $135 IPO price, and pushed SpaceX’s valuation past $2 trillion in just hours.

What Went Wrong With the Allocations?

The cancellations came the day before SpaceX shares hit the Nasdaq, leaving crypto users hanging. Binance’s campaign alone gathered over $557 million in USDC deposits. As SpaceX made its anticipated move to become a public company, users expected a seamless allocation process. The IPO was more than four times oversubscribed and raised $75 billion, driving demand even higher. With shares opening at $150 and quickly shooting past $160, disappointed users watched any chance at early allocation profits slip away.

How Each Platform Is Compensating Users

Bitget Wallet plans to split funds equally among customers by June 18. Platform representatives explained that this approach should help soften the blow for users who missed out on fast-rising SpaceX shares. On the first Friday’s close, shares landed at $161.11—a gain of about 19% from the IPO price.

Inside the SpaceX Crypto IPO Concept

Tokenized IPO campaigns were crafted to let crypto users invest in blockbuster offerings like SpaceX—skipping traditional brokers and intermediaries altogether. Instead of buying restricted stock, these campaigns offered synthetic shares backed by familiar stablecoins like USDC, designed to mimic SpaceX’s real market price action after the IPO. That promise sparked a frenzy: crypto-savvy traders all over the world, often blocked from U.S. blue-chip IPOs, jumped at the chance to get exposure. The $75 billion raised in SpaceX’s first trading hours—sending its public value soaring above $2 trillion—put the scale and appeal of such direct-access experiments on full display.

Crypto Firms Scrap Tokenized SpaceX Share Offerings as SPCX Surges After IPOhttps://t.co/qtV8FGTw9H
— Decrypt (@DecryptMedia) June 12, 2026

Why Delivery Broke Down: xStocks and Systemic Challenges

Crypto exchanges depended on xStocks to make the system work, but undisclosed technical and regulatory snags derailed everything at the last minute. Users weren’t given promised pre-listing allocations, which the exchanges blamed on xStocks’ failure to deliver as the IPO unfolded.

The Scale of Missed Profit: User Opportunity Cost

That means tens of millions in hypothetical profits vanished due to the allocation collapse. Users had collectively deposited over $557 million, hoping to ride the rocket from $135 to a $161.11 closing price.

The Big Picture: Tokenized Real-World Assets and Crypto’s Credibility

The goal is to build a seamless bridge between Wall Street and the crypto crowd.

What Happens Next for Crypto Platforms and Tokenized IPOs?

In the wake of this mess, exchanges have promised full refund transparency—and capital returns are already in progress. Regulators are likely to ramp up oversight of tokenized IPO offerings, especially after users pulled more than $557 million out after the cancellations. Bitget Wallet and others are shoring up contingency strategies and rethinking heavy reliance on intermediaries like xStocks to prevent this kind of breakdown from happening again.