Bybit to offer tokenized SpaceX IPO access through xStocks
Bybit is adding tokenized access to US IPO shares through Kraken parent Payward Services’ xStocks framework, starting with SpaceX. Eligible users can register interest and submit subscription requests at the IPO price; allocations are then distributed pro rata, with excess funds refunded if demand exceeds supply. On listing day, allocated shares are tokenized and backed 1:1 by underlying equity held in regulated broker-dealer custody. Trading on Bybit’s spot market is scheduled to begin June 12. xStocks pools demand across partner platforms and works with underwriting syndicates to secure IPO allocations before tokenization. It is currently the second-largest tokenized stock platform by value, with about $415 million in tokenized equities. The product is available in more than 110 markets but excludes the US, Canada, Australia, and the UK. Coinbase also recently launched a SpaceX pre-IPO market for users outside the US through perpetual futures.
