- Binance and Bybit canceled SpaceX token plans after Kraken-owned xStocks failed to deliver shares.
- Binance distributes $1M SPCXB airdrop equally to all affected users credited by June 18 automatically.
- Bybit compensates users with 10% APR reward over four days, credited automatically to accounts.
Binance and Bybit both canceled plans to offer tokenized SpaceX stock to overseas investors during the IPO after their shared infrastructure partner xStocks, owned by Kraken, was unable to secure sufficient SpaceX shares to back the products.
The cancellations left thousands of crypto users unable to participate in what became the largest IPO in Wall Street history, with SpaceX opening at $160.83 per share on Friday, 19% above its $135 IPO price.
What Each Exchange Is Doing
In addition to refunds, both exchanges introduced separate compensation programs for affected users.
Binance took two additional steps. The exchange is distributing a $1 million airdrop in SPCXB tokens, its upcoming bStocks SpaceX token backed 1:1 by real SpaceX shares held by a regulated custodian with publicly verifiable proof of reserves, equally among all users who participated in the canceled campaign. The airdrop will be automatically credited to Binance Spot accounts by June 18.
The exchange also enabled direct trading of SpaceX stock directly on the platform, with whole-share limit orders available during regular trading hours alongside more than 7,000 other US-listed stocks and ETFs.
Bybit, meanwhile, offered participating users an additional reward calculated at 10% APR over a fixed four-day period as compensation for the inconvenience.
The xStocks Problem
xStocks, the Kraken-owned platform that was supposed to source and custody the underlying SpaceX shares for both exchanges, confirmed it was unable to deliver the assets. The failure was attributed to circumstances outside the exchanges’ control, suggesting the problem originated at the share allocation level during the IPO process.
The SpaceX IPO attracted more than $250 billion in demand against a $75 billion offering, running four times oversubscribed. The extreme demand likely made it impossible for xStocks to secure meaningful retail allocations through institutional channels.
Related: SpaceX IPO Frenzy Signals Market Euphoria and Risk of Post-Listing Correction
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