SpaceX
SpaceX IPO exposes limits of tokenized stock access
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Crypto platforms faced allocation shortfalls during SpaceX's IPO last week, leading several exchanges to cancel tokenized offerings and issue refunds. The episode revealed differences between various tokenized products and their ability to deliver actual shares.
SpaceX sent a demonstration capsule for its secretive Starfall system into low Earth orbit from Cape Canaveral, Florida. The launch marks an early test of technology intended to return cargo manufactured in space.
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SpaceX lost more than $600 billion in market value over three trading days following its plan to issue at least $20 billion in bonds. The move funds AI expansion linked to its xAI acquisition. Bitcoin held steady with a decline of less than 1 percent.
Professor Shen Yingchun from Beihang University said China does not need to and cannot copy the SpaceX model. She stressed that China's approach focuses on scale and national resources.
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SpaceX began trading on the Nasdaq on Friday under the ticker SPCX, rising sharply from its initial public offering price of $135 a share.
Bitcoin traded around 63000 dollars on Tuesday as market participants eyed the upcoming SpaceX initial public offering for signs of renewed risk appetite. The cryptocurrency had dipped below 60000 last week before recovering some ground.
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Bybit has introduced its IPO Express service to provide tokenized shares in the upcoming SpaceX public offering. The Dubai-based crypto exchange is the second to offer such access after Kraken. Eligible users worldwide can subscribe during a registration period from June 7 to 11.
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