SpaceX debuted on the US stock market today, June 12.
Exchanges will return funds to affected users in various ways.
The cryptocurrency exchanges Binance, Bybit and Bitget canceled this Friday, June 12, 2026, their campaigns to allocate tokenized shares of SpaceX (SPCXx) for those who had participated in the token pre-sale.
This decision occurred after confirming that the external issuing platform xStocks failed to secure the actual share titles in the traditional market, which had to support the value of each of the tokens that would be issued on the Solana network.
The halt in the expected allocation of financial derivatives to investors came after exchanges opened prior trading subscription windows for retail users to gain direct economic exposure to the company’s price movements.
Due to the nature of these tools, tokens operate as tracking certificates that offer price exposure only, without granting direct ownership, voting rights or collecting corporate dividends.
Given the failure to deliver the collateral, Bybit indicated: “Due to the inability of xStocks to deliver the underlying assets, no allocation was received from SpaceX.” It is worth clarifying that, although SPCXx was not delivered to initial investors, this token is currently available for trading within the exchange.
For its part, Bitget corroborated the physical non-existence of the securities for their proper scheduled distribution to investors, by formally publishing that the xStocks team “did everything possible to guarantee the allocation, but it was ultimately not available as expected.”
In line with the other platforms, Binance also canceled definitively its promotional campaign executed in the internal interface of Binance Wallet for the SPCXx token, publicly arguing that the decision was due to severe “circumstances beyond its corporate control.”
The massive subscription prior to SpaceX’s initial public offering (IPO) through Binance Wallet attracted $557 million in USDC from 27,689 addresses seeking to participate in the commercial returns of the tokenized stock, as reported by CriptoNoticias.
To mitigate discontent, Binance reported that it will return all funds in the USDC stablecoin locked during the campaign, and will inject a compensation airdrop of $1 million among those affected in bStocks tokens (SPCXB), its next proprietary product linked to SpaceX.
On the other hand, Bitget will refund 100% of the subscription capital including the commissions chargedadded to the granting of priority whitelist access for future tokenized listings, while Bybit credits a complementary interest return on the retained money.
The abrupt suspension of these tokens left thousands of users without the economic returns of the historic financial debut of SpaceX on the traditional New York stock exchange. The company’s listed shares initially opened at $150 and rose sharply to around $168 per unit. This 24% increase after the opening of the trading session on Friday gave the company a consolidated market value of $2.2 billion.