Cryptocurrency exchange Bybit has launched a new product offering tokenized access to SpaceX’s IPO. It allows eligible users to deposit USDC ahead of the company’s expected Nasdaq debut, scheduled for June 12.
The product is called IPO Express and is aimed at VIP and professional users. Through it, participants can subscribe to tokenized exposure to SpaceX within a limited four-day window.
The launch of such an instrument shows that crypto exchanges are increasingly experimenting with access to private-company assets before they officially enter public markets. SpaceX remains one of the world’s most well-known private technology companies, so interest in such products appears natural.
TL;DR
- Bybit launched IPO Express, a product offering tokenized access to the expected SpaceX IPO.
- Only VIP and Pro users are eligible to participate.
- Subscriptions are made in USDC, with an indicative price of 135 USDC per unit plus a 5% underwriting fee.
- The product is linked to xStocks Alliance infrastructure and does not provide direct ownership of SpaceX shares.
- Final allocation depends on demand and may be partial or even zero.
Bybit Opens Subscription for IPO Express
Bybit announced the launch of a tokenized SpaceX IPO access product that allows qualified users to deposit USDC ahead of the company’s expected public debut on Nasdaq.
The subscription window opened on Sunday and lasts for four days. During this period, users can apply to participate in the product linked to the expected SpaceX listing.
The launch of IPO Express reflects a broader trend in the crypto market: exchanges and infrastructure platforms are increasingly experimenting with tokenized, synthetic, or derivative-based access to shares of private companies before their official public listings.
According to the offering terms, the indicative price is 135 USDC per unit. An additional 5% underwriting fee applies. The minimum subscription amount starts at 100 USDC, and each user may place up to 50 subscription orders.
Subscription and Allocation Timeline
According to Bybit, the subscription opened at 8:00 UTC on Sunday and is available only to VIP and Pro users. The allocation stage is scheduled to begin at 8:00 UTC on June 11, while token allocation is planned for 12:30 UTC on June 12.
Funds committed by users during the subscription are frozen until the allocation process is completed. However, final allocation is not guaranteed. Depending on demand, a user may receive a partial allocation or no allocation at all.
Bybit also described a conditional pricing mechanism. If the final IPO price is within 20% of the indicative price, the subscription will be executed automatically. If the final price exceeds that range, users will need to reconfirm their participation within the designated window.
Tokenized Exposure Through xStocks Alliance
Bybit’s product is issued through xStocks Alliance, a multi-exchange infrastructure network operated by Payward Services, the B2B division of Kraken’s parent company.
The xStocks infrastructure is designed to provide blockchain-based access to traditional equities through special tracking certificates. This format does not represent direct ownership of shares, but instead reflects the economic performance of the underlying asset.
Similar products have already started appearing on other crypto platforms. Kraken and several other companies are also exploring tokenized access to pre-IPO assets and traditional equities through blockchain infrastructure.
According to the product documentation, xStocks tokens are issued by Backed Assets (JE) Limited. They are structured as tracking instruments that mirror the economic performance of the underlying asset but do not provide holders with full shareholder rights.
This means that holders of such tokens do not receive voting rights, dividends, or other corporate rights linked to the underlying SpaceX shares.
Support for Multiple Blockchains
xStocks tokens are designed as blockchain-agnostic instruments. This means they can operate across different networks, including Ethereum, Solana, and TON.
This approach makes the product more flexible for users and platforms, as tokenized assets can circulate across multiple ecosystems. For crypto exchanges, it also creates an opportunity to integrate traditional assets into existing wallet infrastructure, trading services, and DeFi applications.
However, this model requires careful review of the terms. Tokenized access to shares is not always the same as direct ownership of securities, and the rights of holders may differ significantly from those of traditional shareholders.
Questions Around the Collateral Structure
Bybit describes the tokens as backed 1:1 by real equity held in custody with regulated broker-dealers. Bybit CEO Ben Zhou also stated on X that the product is compliant, secure, and backed by shares on a 1:1 basis.
At the same time, the product terms state that the collateral may inсlude not only the underlying shares but also substitutes, such as cash equivalents. The terms also note that the exchange does not conduct an independent review of the underlying collateral composition.
Because of this, the product’s structure may raise questions among users who expect direct and fully transparent share backing. It is important to keep in mind that there may be differences between the marketing description of the tokens and the legal terms of the product.
Crypto Exchanges Compete for the Pre-IPO Market
Bybit’s launch comes amid growing competition among crypto exchanges for access to major private companies before their public listings.
Interest in SpaceX is especially high because the company remains one of the world’s most prominent private technology businesses. The ability to gain exposure to such an asset before an IPO attracts traders, investors, and crypto-platform users.
Coinbase recently launched SpaceX pre-IPO perpetual futures settled in USDC on its international exchange. Similar instruments have also appeared or are being developed on Binance, OKX, Crypto.com, and platforms linked to Hyperliquid.
The Difference Between Tokenized Certificates and Derivatives
It is important to distinguish between tokenized tracking certificates and perpetual futures. In the case of tokenized instruments, the user receives a product designed to track the economic performance of the underlying asset and may be linked to a specific collateral structure.
Perpetual futures, on the other hand, are synthetic derivatives. They do not provide asset-backed exposure and do not imply ownership of the underlying asset. Such instruments allow users to speculate on expected changes in a company’s valuation, but they do not provide rights associated with shares.
That is why users need to understand what type of product they are using: a tokenized certificate, a backed instrument, or a synthetic derivative. Holder rights, risks, liquidity, pricing mechanics, and possible restrictions all depend on this distinction.
Why Bybit’s Launch Matters for the Market
IPO Express from Bybit shows that crypto exchanges are increasingly trying to connect traditional financial markets with blockchain infrastructure. Users are being offered access to assets that were previously available mainly to institutional investors, venture funds, company employees, and participants in private transactions.
At the same time, such products remain complex and require caution. They may provide access to interesting market opportunities, but they do not always grant full shareholder rights. In addition, final allocation, pricing, collateral, and legal structure may differ from user expectations.
The launch of Bybit’s SpaceX product is another example of how the market for tokenized assets and pre-IPO instruments is gradually moving beyond traditional cryptocurrencies. If demand for such solutions continues to grow, crypto exchanges may compete even more actively to provide access to private companies, traditional equities, and other real-world assets through blockchain.
Conclusion
Bybit has launched IPO Express, a tokenized product linked to access to the expected SpaceX IPO. VIP and Pro users can deposit USDC during a limited subscription window, but final allocation depends on demand and offering conditions.
The product is issued through xStocks Alliance infrastructure and represents tokenized exposure, not direct share ownership. Holders of such instruments do not receive voting rights or dividends, and collateral may inсlude not only shares but also other equivalent assets.
Against the backdrop of similar launches by Coinbase, Binance, OKX, Crypto.com, and other platforms, the pre-IPO instruments market is becoming a new area of competition among crypto exchanges. However, users should carefully review the terms of such products, as tokenized access and synthetic derivatives have different risks, structures, and legal statuses.
This material is for informational purposes only and does not constitute investment advice.