Binance pulls $557M in USDC for tokenized SpaceX IPO

Binance collected $557 million in USDC from about 27,689 wallet addresses through a tokenized offering in the run-up to SpaceX’s Nasdaq debut. Deposits were accepted before the company’s first day of public trading.

On-chain analytics show addresses contributing up to $20,000 made up more than 81% of participating wallets but accounted for 18.39% of the total funds. At the high end, 114 addresses that each deposited more than $500,000 represented about 10.2% of the USDC pool. All deposits were denominated in USDC.

SpaceX planned to raise roughly $75 billion at an indicative $135 per share, implying an offering valuation near $1.8 trillion. Crypto perpetual futures tied to SpaceX traded at higher implied prices after pre-IPO markets opened: perpetuals on Hyperliquid traded in the $180 to $200 range, an implied valuation near $2.5 trillion. By Monday the implied share price moved closer to the IPO level and settled around $179 across Hyperliquid, Binance and other crypto platforms.

An analytics report noted that Hyperliquid’s pre-IPO perpetuals priced a recent Nasdaq debut for another company within 1.3% of its opening price, offering an example of crypto venues being used for pre-IPO price discovery. On a prediction market, 56% of participants bet the SpaceX IPO would close with a $2 trillion to $2.5 trillion market capitalization on the first day, while 25% bet on a $1.5 trillion to $2 trillion close.

Other exchanges prepared SpaceX-linked products for the listing. One platform planned to list SpaceX on X-perpetuals with up to 10x leverage for Europe-based traders. Additional platforms including Bitget, Blockchain.com, Bybit, Kraken and Coinbase offered or prepared tokenized or derivatives exposure tied to the company’s listing.

The deposit data show a large number of smaller wallets by count and a smaller group of large depositors by dollar volume, with all funds submitted in USDC.