SpaceX pre-IPO allocation disappointments on major crypto exchanges

Multiple major crypto platforms must repay users because xStocks cannot deliver enough SpaceX pre-IPO shares. The demand for tokenized SpaceX shares proved much greater than the available stock, causing exchanges to only partially execute orders. This has consequences for thousands of traders who hoped to participate in the SpaceX pre-IPO round.

xStocks cannot deliver underlying assets

According to Kraken’s group team, the exchange received less SpaceX pre-IPO allocation from underwriters than expected. At the same time, the demand from users wanting to subscribe turned out to be much greater than the available quantity. This gap between supply and demand caused problems for multiple platforms.

Users who were able to successfully execute their subscription on Kraken all received the same amount: 4.2786 SPCX. Other exchanges such as Bybit, Binance and Bitget faced the same issues.

Full refund and compensation

Bybit announced that xStocks could not deliver underlying SpaceX shares, meaning no allocations were received. The exchange indicates that all subscription funds will be fully refunded to the users’ original accounts. No manual action is necessary.

As a thank you for their patience, participants who are eligible for compensation will receive an additional bonus. This will be automatically credited and yields a return of 10% per year over a period of four days. This applies to all crypto platforms that offered the SpaceX IPO product.