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Refund

<p>Exchange platforms had to review their operation around tokenized shares. Binance, Bybit, and Bitget refunded their clients after the failure of an allocation linked to SpaceX. This case occurs at a time closely watched by the crypto market, as Elon Musk’s space company attracts strong attention regarding its valuation and its pre-IPO access.</p>
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  <h2 class="in-brief--title" id="in-brief">In brief</h2>
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   <li>Crypto platforms Binance, Bybit, and Bitget canceled their operation related to tokenized SpaceX shares.</li>
   <li>The failure is due to xStocks being unable to provide the planned underlying share allocations.</li>
   <li>All subscribers were refunded after the cancellation of the SPCXx campaign.</li>
   <li>Despite the failure, some platforms offered compensations such as interest or distributions of SpaceX shares.</li>
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<h2 id="h-crypto-facing-the-limits-of-tokenized-shares">Crypto Facing the Limits of Tokenized Shares</h2>
<p>On Friday, Binance, Bybit, and Bitget announced the refund of subscribers who wanted to access SPCX, a tokenized version linked to the pre-IPO shares of <a href="https://www.cointribune.com/en/spacex-still-loses-billions-but-wall-street-promises-it-a-dizzying-future/" rel="noopener noreferrer nofollow">the SpaceX company</a>. The three platforms made this decision after xStocks was unable to obtain the allocations of the underlying shares. Thus, the operation could not proceed to the planned delivery.</p>
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<p>Bybit explained in a <a href="https://x.com/Bybit_Official/status/2065450035760799900" rel="noopener noreferrer nofollow">post</a> on X that “no<em> SpaceX allocation had been received because xStocks was unable to deliver the concerned assets <em>“</em>. </em>Binance, for its part, mentioned unspecified circumstances beyond its control. The platform therefore canceled its SPCXx campaign, presented as a pre-IPO token launched by xStocks.</p>
<p>At the same time, Binance chose to add compensation. In addition to the refund, the company stated it will distribute the equivalent of one million dollars in SpaceX shares via bStocks, its new tokenized securities offering.</p>
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<p>This distribution is made equally among the campaign participants. Bybit, for its part, offers an additional interest premium on funds locked during the operation.</p>
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<p>This sequence shows a concrete difficulty for crypto when it attempts to link tokenized products to private assets. It also reminds us that access to unlisted securities depends on the actual availability of allocations. In this case, crypto served as an exposure channel, but it did not replace the constraints of the primary market.</p>
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<h2 id="h-spacex-remains-listed-on-xstocks-under-the-symbol-spcxx">SpaceX Remains Listed on xStocks Under the Symbol SPCXx</h2>
<p>An xStocks spokesperson <a href="https://decrypt.co/370948/crypto-firms-scrap-tokenized-spacex-share-offerings-spcx-surges-ipo" rel="noopener noreferrer nofollow">declared to Decrypt</a> that the exceptional demand did not allow all requests for access to SpaceX’s IPO to be satisfied and affirmed that:</p>
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 <p><em>Due to exceptional demand, not all requests for access to SpaceX’s IPO could be fulfilled, resulting in the refund of funds related to unexecuted orders, while SpaceX is now listed on xStocks under the symbol SPCXx.</em></p><cite><strong>xStocks Spokesperson. Source: Decrypt.</strong></cite>
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<p>According to this explanation, funds related to unexecuted orders were refunded. The company also indicated that the tokenized security remained available for trading under the symbol SPCXx until the end of the first weekend, notably for crypto investors.</p>
<p>Before the operation, xStocks had already published <a href="https://x.com/xStocksFi/status/2065368463883882788?s=20" rel="noopener noreferrer nofollow">warnings</a> on X. The company specified that SPCXx did not guarantee allocation. It also stated that its xStocks IPOs only offered price exposure, without direct ownership of shares. This point remains central for investors, as the instrument does not confer the same rights as a directly held security.</p>
<p>Investors could also use the decentralized exchange platform Hyperliquid to take long or short positions on SpaceX shares before their IPO. Coinbase International offered a similar product, allowing users to influence price formation and gain exposure to this private company before its official stock market entry.</p>
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<p>Moreover, SpaceX shares offered at 135 dollars experienced a strong rise, recording an increase of more than 26% to recently reach 172.31 dollars. In this context, the company’s market capitalization now exceeds 2.2 trillion dollars, while this IPO would have made <a href="https://www.cointribune.com/en/elon-musk-becomes-the-first-trillionaire-following-spacex-ipo-success/" rel="noopener noreferrer nofollow">Elon Musk the first trillionaire in history</a>.</p>

Crypto Platforms Fail to Obtain SpaceX Shares and Refund Their Subscribers

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