Bybit challenges Wall Street with a massive push into tokenized U.S. stock IPOs
Bybit has launched Bybit IPO Express, a tokenized IPO service aimed at letting eligible retail users worldwide participate in major public listings, starting with SpaceX’s expected IPO this week. It is the second crypto exchange to offer tokenized IPO access after Kraken, which also plans tokenized participation in U.S.-listed IPOs through xStocks. Unlike prior “pre-IPO” products from Binance, Bitget, and Gate that used derivatives or IOUs, Bybit’s service is built on Payward Services’ xStocks and offers tokenized representations of listed equities. Bybit says this pushes traditional capital markets closer to crypto infrastructure and expands access to IPOs that were previously limited to institutions and select clients. Token holders may gain benefits such as extended trading hours, DeFi compatibility, and crypto-native settlement. For the SpaceX offering, registration runs from June 7 to 11, with allocation on June 11–12 and trading on Bybit spot beginning June 12.
