SpaceX IPO scramble reveals difference between tokenizing a stock and getting one
Crypto platforms promised early access to the blockbuster SpaceX IPO through tokenized shares. The problem wasn’t technology, but getting the actual stock.
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Summary
- Binance Wallet, Bybit and Bitget canceled SpaceX pre-IPO offerings after failing to secure shares through xStocks.
- The issue wasn’t tokenization itself but getting access to the underlying asset, industry participants said.
- SpaceX’s IPO saw overwhelming retail demand that far exceeded available shares, leaving many retail orders only partially filled or unfilled.
