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Three crypto platforms refunded customers after xStocks failed to deliver SpaceX shares. Retail demand exceeded $100 billion while the company raised $75 billion.
cointelegraph.comBinance Wallet, Bybit and Bitget canceled their SpaceX pre-IPO offerings on Friday after xStocks could not deliver the underlying shares. ” The three platforms refunded customers who had placed orders through the tokenized-share product. SpaceX sought to raise $75 billion in its IPO and initially planned to reserve 30 percent of the offering for retail investors.
Bloomberg reported that retail orders exceeded $100 billion. CNBC reported that the retail portion was cut to the low-20 percent range before pricing. One person familiar with the matter said xStocks and its distribution partners gathered more than $1 billion in customer orders.
When underwriters finalized allocations, Binance, Bybit and Bitget received no shares. Kraken and xStocks customers received only a fraction of the allocations they requested. An xStocks spokesperson said overwhelming demand prevented all orders from being fulfilled and that funds tied to unfilled subscriptions had been returned.
The firm’s tokenized SpaceX stock under ticker SPCXx launched after the IPO. Approximately $24 million worth of the tokenized shares were circulating on-chain at publication time, according to Arkham data. Ondo Finance and Dinari, which did not offer pre-IPO access, also launched tokenized SpaceX products following the company’s market debut.
Olivia Vande Woude, who leads tokenization business development at Ava Labs, wrote on X that “Blockchain rails performed as designed.
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