Bybit, Binance, Bitget Cancel Tokenized SpaceX Offerings After xStocks Fails to Source Shares
Three major crypto exchanges halted tokenized SpaceX allocation campaigns after xStocks was unable to secure underlying shares. Competing DeFi protocols from Ondo and Backpack launched successfully the same day.
Bybit, Binance and Bitget pulled the plug on tokenized SpaceX IPO allocation offerings on Friday after xStocks failed to obtain the required underlying shares, according to reports.
The cancellations marked a significant setback for xStocks' effort to tokenize access to the private SpaceX share offering on blockchain infrastructure. Tokenized shares allow investors to hold fractional ownership of real-world assets via on-chain tokens, bridging traditional finance and crypto markets.
While xStocks' SpaceX offering faltered, the same morning saw successful launches from rival platforms. Ondo Finance and Backpack, both running competing on-chain protocols for tokenized real-world assets, went live without reported issues. The timing underscored the growing competition in the tokenized assets space, where multiple platforms are racing to bring traditional securities and allocations onto blockchain networks.
The xStocks situation highlights execution challenges in bridging institutional finance with decentralized infrastructure. Sourcing actual shares for tokenization requires coordination with traditional brokers, custodians and issuers — processes that can be complex and time-sensitive, particularly for high-profile targets like SpaceX.
The failed allocation campaigns may raise questions about xStocks' operational readiness as a bridge between traditional and crypto finance, though the broader trend toward tokenizing real-world assets continues to gain momentum across the industry.