Bybit, Binance, Bitget refund SpaceX tokenized IPO orders

Bybit, Binance and Bitget announced refunds after a third-party provider, xStocks, did not deliver the underlying SpaceX shares needed to fulfill tokenized IPO subscriptions. The exchanges had listed SPCXx tokens as tokenized representations of SpaceX shares that would be allocated once the actual shares were obtained.

Bybit reported on Friday that it received no allocation from xStocks. The exchange said subscription funds will be refunded automatically and that eligible participants will receive an additional 10% reward. In a notice, Bybit noted: “Due to the xStocks' inability to deliver the underlying assets, Bybit did not receive any allocation. As a result, all subscription funds will be refunded automatically.”

Bitget posted that it was unable to secure and distribute the SPCXx tokens tied to the offering. The platform stated users will receive full refunds including fees, plus future tokenized IPO whitelisting privileges and a gas fee voucher. Bitget added that xStocks made efforts to obtain the allocation but the shares were not available as expected.

Binance canceled its Binance Wallet SPCXx IPO campaign, citing “circumstances outside of our control.” The exchange said all USDC that had been locked for the campaign will be returned and that participating users will receive a share of a $1 million airdrop of Binance’s upcoming bStocks SpaceX token, SPCXB.

Kraken has not publicly commented on the status of its SpaceX allocation. Notices from the three exchanges were posted this week as they processed refunds and informed affected customers of next steps.

SPCXx tokens depended on xStocks to obtain and deliver the actual shares or provide equivalent custody to back the tokenized positions. Because xStocks could not provide the required assets in the quantities needed, exchanges were unable to issue the pledged tokens and moved to cancel allocations and return funds.

Refunds will be returned through the same channels customers used to subscribe. Bybit indicated refunds are automatic; Binance said it will unlock and return USDC held for the campaign. Exchanges also outlined the small compensatory benefits they will provide to affected users as part of the refund process.