Crypto platforms' tokenized SpaceX IPO offerings hit by stock allocation shortfall
By
Krisztian Sandor
Lightly toasted, lightly seasoned, mostly correct.
Summary
Crypto platforms like Binance, Bybit, Bitget, Kraken, and xStocks promised early access to SpaceX's IPO through tokenized shares, but faced a massive shortfall when underwriters allocated shares. Over $1 billion in customer orders were gathered, yet many went unfilled, with some platforms receiving no shares at all. The issue was not technological but stemmed from an inability to secure actual stock allocations, highlighting the gap between tokenized stock promises and traditional IPO allocation realities.
Key quotes
· 5 pulledOne person familiar with the matter told CoinDesk that xStocks and its distribution partners gathered more than $1 billion in customer orders.
Binance, Bybit and Bitget received no shares and canceled their offerings.
Customers of Kraken and xStocks received only a fraction of the allocations they requested.
The shortfall wasn't limited to crypto platforms, though.
The problem wasn't technology, but getting the actual stock.
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