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Bybit, the world's second-largest cryptocurrency exchange by trading volume, has launched Bybit IPO Express, making it one of the first centralised crypto exchanges globally to offer access to tokenised initial public offerings (IPOs) at the offering price. The product is powered by Payward Services' xStocks, and its inaugural offering is SpaceX.
The launch positions Bybit as part of a growing cohort of crypto-native platforms seeking to bridge digital asset trading with traditional capital markets, as retail investors have historically been excluded from high-profile IPO allocations that tend to favour institutional investors and private banking clients.
Participation in sought-after IPOs has traditionally been constrained by geography, brokerage relationships, and allocation dynamics, with retail investors in many markets only able to access shares after public listing. Bybit's IPO Express aims to address this by enabling eligible users to subscribe to tokenised representations of IPO shares directly through their Bybit account, without needing a traditional brokerage account.
The xStocks framework tokenises IPO shares backed 1:1 by real equity held in regulated broker-dealer custody, with allocations finalised and shares tokenised on the public listing day. xStocks operates a blockchain-agnostic framework designed for on-chain interoperability, offering holders access to extended trading hours, DeFi composability, and crypto-native settlement.
For the SpaceX offering, the registration and subscription window runs from 7 to 11 June 2026, during which eligible users can indicate interest and submit subscription requests within the announced IPO price range. Allocation is scheduled for 11 to 12 June, with tokenised SpaceX shares distributed to users' accounts on a pro-rata basis relative to total subscription demand. Unused funds will be refunded automatically. The tokenised SpaceX shares are expected to become available for trading on Bybit Spot on 12 June 2026.
Emily Bao, Head of Spot, Bybit
Emily Bao, Head of Spot, Bybit said:
"Bybit has always pushed the boundaries of what a financial platform can offer, and being one of the first two centralised exchanges to bring compliant tokenised SpaceX IPO access at the offering price is exactly the kind of milestone that defines our next chapter. For decades, the most exciting moments in capital markets were reserved for institutions and the well-connected investors. Through our partnership with xStocks, Bybit customers around the world can now invest directly in US-listed IPOs alongside their crypto assets, on equal footing with institutional investors. This is what building a New Financial Platform means: bridging the best of traditional finance and crypto into one seamless experience, genuinely accessible to everyone."
The launch is also reflective of broader momentum behind tokenised real-world assets (RWAs), a sector that has drawn increasing interest from both crypto-native firms and traditional financial institutions as a long-term avenue for blockchain adoption.
Bybit has noted that IPO-related assets may experience significant price volatility after listing, and that listings may be adjusted, delayed, or cancelled due to market or regulatory conditions.
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