[DigitalToday reporter Chi-gyu Hwang (황치규)] Several cryptocurrency exchanges cancelled subscriptions for tokenised SpaceX IPO shares and began issuing refunds, The Block reported on Thursday.
The exchanges were unable to secure enough underlying shares to meet customer subscriptions, the report said. Bybit said on Thursday it did not receive an allocation because xStocks, a tokenised stock platform under Kraken, failed to deliver the underlying asset. Bybit said all subscription funds would be refunded automatically and it would pay an additional 10 percent compensation to participants as a consolation.
Bitget Wallet also said it was unable to secure SpaceX IPO tokens and guided users to full refunds including fees. Binance cancelled the campaign due to “uncontrollable circumstances”. It said it would refund locked USDC and distribute a $1 million airdrop to participants.
Kraken said it refunded funds for unfilled orders because “overwhelming demand” meant it could not meet all requests for SpaceX IPO access. Kraken received a smaller-than-expected pre-allocation and filled only part of SPCX orders. xStocks offers a synthetic stock product for users outside the United States that links 1 token to 1 share of the underlying stock.
Chi-gyu Hwang
delight@d-today.co.kr