Tokenized SpaceX access faces first major test as demand outstrips allocations

Demand for tokenized exposure tied to SpaceX IPO access quickly became an early stress test for the tokenized stock trade. Binance, Kraken, Bybit and other platforms saw heavy interest in the $SPCX product, but the share allocations they received fell well short of expectations. Bybit reported it received no allocation and refunded users. Solana's CPO Vibhu said the episode underscores the value of open markets: multiple issuers can compete, users have alternatives, and no single venue dictates outcomes. Crypto infrastructure executed quickly, but the underlying shares remained in the control of traditional Wall Street channels.