Binance, Bybit, Bitget Cancel SpaceX Token Campaigns

On Friday, Binance, Bybit and Bitget canceled tokenized SpaceX campaigns and refunded customers after xStocks, the tokenized equities platform, failed to obtain allocations of SpaceX shares for its SPCXx pre-IPO tokens.

Bybit posted on X that “due to xStocks’ inability to deliver the underlying assets, no SpaceX allocations were received.” Binance cited unspecified circumstances outside its control for the cancellation and said it will distribute $1 million in SpaceX shares through its bStocks tokenized securities product, split equally among campaign participants. Bitget posted that it “was unable to secure and distribute the allocated SPCXx,” apologized to users and issued refunds. Bybit also said it will add an interest reward for customer funds held during the campaign. Binance founder Changpeng Zhao wrote on X, “Protect users when things don’t go as planned.”

xStocks did not respond to requests for comment. The firm had posted disclaimers noting that IPO xStocks provide price exposure only, do not guarantee an allocation and do not confer direct ownership of shares.

SpaceX priced its shares at $135 at the IPO and the stock rose more than 26% after trading began, trading around $172.31 and lifting the company’s market value above $2.2 trillion. Pre-IPO token offerings and related products were one route that crypto traders used to seek early exposure ahead of the public listing.

Decentralized perpetuals exchange Hyperliquid reported heavy activity in pre-IPO SpaceX contracts, with more than $240 million in open interest and about $220 million in 24-hour volume. Other international trading platforms and some centralized exchanges offered similar products allowing traders to take long or short positions before the stock began public trading.

Exchanges described the refunds and additional compensations as measures to protect customers after allocations were not secured by the token issuer.