Crypto pitched retail access to SpaceX's IPO. Wall Street blocked the allocation.

Crypto platforms billed tokenized SpaceX IPO access to retail investors, then had to pull the plug. Binance, Bybit and Bitget said they are canceling their tokenized SpaceX IPO programs after the underlying share allocation never materialized. The firms cited shortfalls in share distribution from the underwriting channel, leaving xStocks unable to source and deliver the stock backing the tokens. Customers will receive full refunds, plus additional make-goods: Bybit is offering bonus interest, Bitget will refund fees, and Binance will distribute a $1 million airdrop. Binance founder Changpeng Zhao said the priority is to protect users when deals do not go as planned. SPCX has risen 26% from its IPO price, a move retail subscribers were positioned for but ultimately did not participate in. The episode underscores how crypto's promise of "equal footing with institutions" runs into traditional allocation controls.