SpaceX Token Demand Overwhelms Crypto Platform -- WSJ

Dow Jones

Yesterday

By Vicky Ge Huang

The overwhelming demand for SpaceX shares has left some platforms scrambling,

Tokenization platform xStocks rolled out tokenized versions of SpaceX shares on Friday under the ticker SPCXx, promising crypto traders 24/7 access through the weekend. (Tokenization refers to representing traditional assets like stocks and bonds as digital tokens on the blockchain.)

However, the launch hit an immediate snag: crypto exchange Bybit said it didn't receive any SpaceX allocations after xStocks, its tokenization partner, was unable to deliver the underlying shares, the exchange said in a post on X.

Before the supply crunch became apparent, xStocks said Thursday that it had seen more than $1 billion in customer demand for SpaceX shares to back its tokenized product.

"Due to overwhelming demand, requests to buy IPO access to SpaceX were not able to be fully fulfilled. Client funds associated with unfilled orders have now been returned," said a spokesman for crypto exchange Kraken, which owns xStocks.

Bitget Wallet said it didn't get any allocations either, forcing the platform to refund users who had preordered the tokenized SpaceX shares.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

June 12, 2026 14:50 ET (18:50 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Client funds associated with unfilled orders have now been returned,\" said a spokesman for crypto exchange Kraken, which owns xStocks. \n</p>\n<p>\n     Bitget Wallet said it didn't get any allocations either, forcing the platform to refund users who had preordered the tokenized SpaceX shares. \n</p>\n<p>\n       This item is part of a Wall Street Journal live coverage event. 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The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  June 12, 2026 14:50 ET (18:50 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SPCX","symbol_name":"SPAC and New Issue ETF","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2643979972","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2643979972","pubTimestamp":1781290200,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"The overwhelming demand for SpaceX shares has left some platforms scrambling,Tokenization platform xStocks rolled out tokenized versions of SpaceX shares on Friday under the ticker SPCXx, promising crypto traders 24/7 access through the weekend. . 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(Tokenization refers to representing traditional assets like stocks and bonds as digital tokens on the blockchain.) \n\n\n     However, the launch hit an immediate snag: crypto exchange Bybit said it didn't receive any SpaceX allocations after xStocks, its tokenization partner, was unable to deliver the underlying shares, the exchange said in a post on X. \n\n\n     Before the supply crunch became apparent, xStocks said Thursday that it had seen more than $1 billion in customer demand for SpaceX shares to back its tokenized product. \n\n\n     \"Due to overwhelming demand, requests to buy IPO access to SpaceX were not able to be fully fulfilled. Client funds associated with unfilled orders have now been returned,\" said a spokesman for crypto exchange Kraken, which owns xStocks. \n\n\n     Bitget Wallet said it didn't get any allocations either, forcing the platform to refund users who had preordered the tokenized SpaceX shares. \n\n\n       This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n\n\n  (END) Dow Jones Newswires\n\n\n  June 12, 2026 14:50 ET (18:50 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}