SpaceX finally went public. 🚀
IPO price was $135, opened at $150, up about 11%; it surged to around $172 during the day, closing at $160.95, a 19.2% gain on the first day.
Market cap shot up to about $2.1 trillion.
But what really blew up in the crypto space last night was that platforms like Binance Wallet, Bybit, and Bitget Wallet announced the cancellation of SPCXx token launches almost simultaneously.
A lot of folks might still not understand what went down.
These platforms aren't just running to Wall Street to grab SpaceX's IPO shares.
They're all riding the same supply chain: xStocks.
💻 Overview of the situation:
xStocks first secures SpaceX shares from underwriters, then issues SPCXx at a 1:1 ratio, distributing them across different platforms for users.
As a result, the demand for SpaceX was so exaggerated that xStocks received over $1 billion in subscription interest, but the actual shares secured from underwriters were far below expectations.
Without the underlying stock, they can't just issue SPCXx claiming 1:1 support out of nowhere.
As a result, several partner platforms ended up with no shares and had to cancel the event and refund users' funds.
💡 Different platforms are handling this in various ways:
Binance: Full refund in USDC, plus an average airdrop of $1 million worth of SPCXB to all participants.
Bybit: Full refund plus an additional four days of compensation calculated at an annualized rate of 10%.
Bitget Wallet: Refund of 5% in fees, plus a whitelist for the next IPO and a $10 gas voucher.
As for Kraken, that's where everyone's frustration lies.
xStocks is already part of the Kraken ecosystem.
According to multiple user reports, Kraken's own participants ended up with a small amount of SPCXx, with many getting the same quantity; external partner platforms received zero shares.
Currently, there's no evidence that Kraken intentionally reserved shares for themselves.
But when the supply side and the sales channel belong to the same system and the distribution rules are completely opaque, users will naturally ask:
Why do Kraken's own users have shares, but partner platforms received nothing?
It's understandable that underwriters offered little.
Kraken and xStocks haven't clarified how much was actually allocated, in what order, and why all the partners ended up with zero.
Everyone is upset not just because they didn't get a spot.
This so-called new channel aiming to bring Wall Street IPOs to the blockchain lost trust right when it faced massive demand.
Meanwhile, SpaceX's listing surged, while previously hyped space-related stocks like RKLB, LUNR, and PL have collectively pulled back.
The main event has finally arrived, and funds are starting to get repriced.
SpaceX now faces the challenge of how the market will digest its $2.1 trillion valuation.
And after xStocks' debut in the crypto IPO space created this trust gap, the entire industry will need to slowly fill it. 👀
$SPCX $RKLB $LUNR