Key Highlights
- Bybit said SpaceX allocations were not received because xStocks could not deliver the underlying assets.
- The exchange will automatically refund 100% of users’ subscription funds to their original funding accounts.
- Eligible participants will also receive an additional reward based on 10% APR over a fixed four-day period.
Bybit users who subscribed to the exchange’s SpaceX IPO Express product will not receive SpaceX allocations after a delivery failure involving xStocks.
In an update shared by Bybit, the exchange said no SpaceX allocations were received “due to xStocks’ inability to deliver the underlying assets.” As a result, subscribed users will not receive SpaceX allocations through Bybit.
The exchange added that 100% of subscription funds will be automatically refunded to users’ original funding accounts. Bybit said no user action is required, while refund details will be available on the IPO Express page.
Eligible participants will also receive an additional reward based on 10% APR over a fixed four-day period, credited automatically to their accounts.
Why Is SpaceX Not Available on Bybit?
SpaceX is not available on Bybit because the exchange did not receive the underlying assets required to complete user allocations. The issue, according to Bybit’s own update, came from xStocks’ failure to deliver those assets.
This does not mean users missed the subscription window. It also does not appear to be a user-side eligibility issue. The failure happened at the allocation stage, where Bybit needed the underlying assets before distributing SpaceX allocations to subscribers.
Bybit had introduced SpaceX as the first IPO offering on its IPO Express platform on June 7. The exchange said users could subscribe using crypto assets such as USDC and receive early access before spot trading began. Its earlier timeline showed allocation running from June 11 to June 12, followed by a planned spot listing on June 12.
Bybit’s SpaceX IPO Express Plan
Bybit IPO Express was launched as a crypto-based IPO subscription platform for eligible users. The platform allowed users to commit funds during a subscription period, after which allocations would be calculated and unused funds refunded.
For SpaceX, Bybit said allocated tokens would be distributed to users’ accounts, while unused funds would be returned automatically. However, the latest update shows that no SpaceX allocation reached Bybit, forcing the exchange to move all subscribed users into refunds instead.
The exchange had also warned in its original SpaceX IPO Express announcement that IPO-related assets may face significant volatility and that listings may be adjusted, delayed, or canceled due to market or regulatory conditions.
What Role Did xStocks Play?
xStocks describes its products as tokenized representations of U.S. equities and ETFs, backed 1:1 by the underlying securities. Its platform says these tokenized equities are designed to bring stock and ETF exposure on-chain across centralized exchanges, DEXs, wallets, and other venues.
In Bybit’s SpaceX product, xStocks appears to have been the asset delivery layer needed for Bybit to distribute SpaceX allocations to subscribers. Since those underlying assets were not delivered, Bybit could not complete allocation.
The issue is important because tokenized equity products depend on more than trading demand. They also depend on whether the platform can reliably source, back, and deliver the underlying assets before offering exposure to users.
SPCXUSDT Perpetual Had Already Been Delisted
The allocation failure comes shortly after Bybit separately announced the delisting of its SPCXUSDT Pre-IPO Perpetual Contract. On June 9, Bybit said the contract would be delisted on June 10 and later relisted after SpaceX’s IPO, with repricing based on the final IPO prospectus.
Bybit said all active and conditional orders for the SPCXUSDT perpetual contract would be canceled, while open positions would be automatically closed based on the average index price in the 30 minutes before delisting.
What Happens to Users Now?
Subscribed users will receive a full refund to their original funding account, according to Bybit’s update. The exchange said users do not need to take any action.
Refund details will be available on the IPO Express page. Eligible participants will also receive an additional reward calculated using a 10% APR over a four-day fixed period.
| User Status | Outcome |
|---|---|
| Subscribed to SpaceX IPO Express | No SpaceX allocation |
| Locked funds | 100% automatic refund |
| User action | No action required |
| Refund details | Available on IPO Express page |
| Extra compensation | Reward based on 10% APR for four days |
For Bybit, the bigger issue is reputational. SpaceX was presented as the first major IPO Express product, and its failure at the allocation stage may raise questions over how future tokenized IPO offerings are sourced and backed.
For the broader tokenized stock market, this is a reminder that access is only one part of the product. Delivery of the underlying asset is the real test.
Also Read: SpaceX Is Trading on Crypto Exchanges: Check Live Prices
