Bybit, Binance Wallet Cancel SpaceX Tokenized Offerings After xStocks Fails to Secure Share Allocation

According to Bybit's official announcement, crypto platforms including Bybit, Binance Wallet, and Bitget recently canceled SpaceX pre-IPO tokenized subscription offerings after xStocks, Kraken's tokenized equities provider, failed to secure and deliver the underlying share allocation required for the offerings.

SpaceX sought to raise $75 billion, with retail demand exceeding $100 billion, prompting underwriters to reduce retail allocations. Kraken's SPCXx product reportedly launched with approximately $24 million in circulating tokenized exposure, but the broader cancellation wave highlighted a key constraint: blockchain infrastructure cannot create share allocations if underwriters do not provide them.