Bybit users who subscribe to the exchange\u2019s new IPO Express product and receive an allocation may be in for a surprise: if the final offering price comes in within 20% of the indicative price they agreed to, their order gets executed automatically, without any additional confirmation required.<\/p>\n
Launched June 7, IPO Express<\/a> lets eligible Bybit users subscribe to tokenized representations of IPO shares at the offering price, with SpaceX as its first listing<\/a> under the token ticker SPCX. Subscriptions run through June 11, with spot trading scheduled to open June 12.<\/p>\n The product<\/a> is built on Payward Services\u2019 xStocks platform \u2014 Payward being the parent company of Kraken, which has separately opened SpaceX IPO<\/a> access to retail clients in over 110 countries through the same infrastructure.<\/p>\n Each token is backed 1:1 by actual SpaceX equity held in regulated broker-dealer custody, which sets it apart from the synthetic pre-IPO perpetual contracts that Hyperliquid and Binance list, where no underlying shares change hands.<\/p>\n But owning SPCX does not make someone a SpaceX shareholder. According to Bybit\u2019s published terms, the tokens confer no voting rights, no dividend rights, and no direct legal or beneficial ownership in SpaceX equity.<\/p>\n Holders have no claim against SpaceX itself. What they get is exposure to the economic performance of the share price \u2014 and nothing beyond that.<\/p>\n Access is restricted in two ways. First, the product is limited to Bybit users who have reached VIP or PRO tier status, a threshold typically tied to trading volume or asset holdings, in addition to completing identity verification.<\/p>\n Second, the offering is entirely off-limits to residents of the European Economic Area, covering all 27 EU member states plus Iceland, Liechtenstein, and Norway.<\/p>\n Bybit states it holds no license or authorization under MiCA or any applicable EEA financial services regime for this product.<\/p>\nWhat The Token Actually Gives You<\/h2>\n
Not Everyone Can Get In<\/h2>\n