Bybit launches IPO Express with tokenized SpaceX shares

Bybit is introducing a new product called IPO Express, which allows users to participate in a tokenised initial public offering for the first time. The first offering is the SpaceX IPO, where each tokenised share is backed 1:1 by the underlying share. The partnership is facilitated via xStocks and Kraken, with spot trading expected to go live on 12 June 2026.

How IPO Express works

Through IPO Express, users subscribe using USDC. The subscribed amounts are temporarily locked in a Funding Account, and any unused funds are automatically returned. The final price and allocation are determined by the underwriter and/or the project issuer. After allocation, the tokenised shares land in the user’s Funding Account, after which they can be traded immediately on the Bybit Spot market.

The registration and subscription period runs from 6 June to 11 June 2026 at 08:00 UTC. The allocation takes place between 11 June at 08:00 UTC and 12 June at 12:30 UTC, after which the spot listing goes live on 12 June. The SpaceX IPO is drawing a lot of international attention, and Bybit is actively responding with a blockchain-native solution.

Only accessible for VIP and PRO users

The service is exclusively available for VIP and PRO account holders on Bybit. Participants must have completed at least Level 1 KYC or business verification. Subaccounts are not eligible, and cancellation during the subscription period is not possible. Users from EEA jurisdictions and certain other regions are excluded from participation.

Bybit CEO Ben Zhou says that the partnership with xStocks and Kraken offers the most compliant way to participate in the SpaceX pre-IPO. The tokenised shares are fully backed by xStocks and maintain a 1:1 linkage to the underlying share exposure. In doing so, Bybit is capitalising on the growing interest in tokenised securities, an area in which the SEC is actively developing a framework. Holders of xStocks shares do not receive voting rights or dividend rights unless explicitly stated otherwise.