SpaceX shares are soaring, shaking up the tokenized asset market.

The SpaceX IPO hype was so strong that there wasn't enough stock to meet demand. Meanwhile, in the cryptocurrency world, pre-sales of "token shares" took place, but ultimately, clients had to be refunded because the actual shares could not be supplied.

June 13, 2569 SpaceX's IPO became one of the hottest phenomena of the year. This has generated immense interest from institutional investors, individual investors, and crypto platforms worldwide. Many companies are trying to provide customers with access to SpaceX shares through new asset classes such as "share tokens." However, when demand exceeds the actual number of shares available, many platforms are ultimately unable to deliver shares to customers.

CoinDesk reports that several cryptocurrency platforms had previously announced they would give investors early access to the SpaceX IPO through tokenized shares. However, on Friday, platforms like Binance Wallet, Bybit, and Bitget announced the cancellation of their pre-PO SpaceX share subscription programs and refunded users after failing to provide the promised shares through xStocks, Kraken's tokenized securities business.

Bybit has informed its customers that: "Because xStocks is unable to deliver the underlying asset, no SpaceX shares were allocated to us."

CoinDesk further analyzed that while this event might seem like a failure of the asset tokenization concept, the main problem is actually accessing the actual source shares. It must be acknowledged that accessing SpaceX shares from the beginning was already difficult.

SpaceX is seeking to raise $75,000 billion. Initially, the company planned to allocate approximately 30% of the offering to retail investors, but demand far exceeded expectations.

A Bloomberg report indicates that retail investor orders totaled over $100,000 billion, while CNBC reported that the proportion of shares available to retail investors was reduced to the upper 20% range prior to the IPO pricing.

Individuals involved in the deal revealed to CoinDesk that xStocks and its distribution partners were able to collect over $1,000 billion in customer orders, but when the underwriters finalized the share allocation, many of the orders did not receive the shares they requested.

Binance, Bybit, and Bitget were not allocated any shares at all, leading to the cancellation of their entire projects. Similarly, clients of Kraken and xStocks received only partial allocations of their requested shares. However, the shortage of shares is not unique to the crypto world. Data from Access IPOs indicates that a number of retail investors using traditional brokers also received only partial allocations of their requested shares.

A spokesperson for xStocks stated that overwhelming demand prevented them from fulfilling all orders, and confirmed that funds from customers who were not allocated shares have been refunded.

Despite issues in pre-IPO share allocation, SpaceX tokens on xStocks, ticking the symbol SPCXx, still launched after the company went public. Data from Arkham indicates that, at the time of reporting, there were approximately $24 million worth of SPCXx tokens circulating on the blockchain.
Meanwhile, Ondo Finance and Dinari, which did not offer a pre-IPO subscription, also launched SpaceX stock tokens after the company began trading on the market.

The CoinDesk website stated that this event reflects an important lesson in the world of tokenized assets, pointing out that creating tokens is not difficult, but what is crucial is having a real asset backing them up.

A spokesperson for Dinari, a financial and blockchain platform that provides tokenized securities services, said that: "The real problem seems to be that demand far exceeds the supply of shares. If the actual shares cannot be provided, allocated, and held within the necessary regulatory framework, ultimately there will be no assets available for tokenization."

In the case of SpaceX specifically, the proportion of shares available to retail investors was reduced, while demand surged rapidly, resulting in a shortage of shares to fulfill all orders. This outcome serves as a stark reminder that even when assets are tokenized on the blockchain, they ultimately remain linked to the original market and asset.

refer: coindesk.com

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