Bybit launches tokenized IPO service, allowing retail investors to directly purchase SpaceX (SPCX.US) at the IPO price.

Cryptocurrency exchange Bybit announced that it will provide a channel for retail investors to participate in tokenized initial public offerings (IPOs) at the issuance price, with the first target being SpaceX (SPCX.US). Bybit users can subscribe to tokenized certificates for listed stocks through xStocks, a platform under Payward for tokenization. The tokenized IPO subscription service for SpaceX launched by Bybit is a cutting-edge attempt at tokenized securities in the primary market scene. Tokenized securities map core rights such as ownership and income rights of traditional securities to blockchain networks, issuing and circulating financial instruments in compliant token form. Tokenized securities do not directly issue new shares, but anchor the value and rights of underlying assets through on-chain certificates, retaining the rights and value anchoring of traditional securities while utilizing blockchain technology to achieve transparency in trading processes, improve settlement efficiency, and significantly reduce cross-border participation barriers. For ordinary investors, this model breaks the barriers of traditional IPOs primarily open to institutional investors or high-net-worth clients, allowing direct participation in primary market pricing without relying on traditional brokerage accounts. For issuers and platforms, tokenization also provides a more efficient channel for global distribution of high-demand assets, while achieving clearer share tracking and allocation management through on-chain data. Currently, with the maturity of tokenized infrastructure like xStocks under Payward, more and more cryptocurrency platforms are promoting the extension of tokenized securities from secondary market trading to primary market IPO scenes, becoming an important bridge connecting traditional capital markets and digital asset ecosystems. The registration and subscription period for SpaceX is from June 7th to June 11th, with share allocation to be finalized from June 11th to 12th. Tokenized stocks are expected to begin trading on the Bybit spot market from June 12th. Two sources familiar with the matter revealed on Friday that SpaceX initiated an IPO roadshow last week, with IPO demand reaching around $150 billion, double its target fundraising of $75 billion. Cryptocurrency exchange Kraken announced this month that it has opened SpaceX's IPO subscription channel to customers from over 110 countries through the xStocks platform. Wall Street is betting that 2026 will be a breakout year for the U.S. IPO market, fueled by ample IPO pipeline projects from well-known private companies and pent-up demand for new listings.