A person familiar with the matter told CoinDesk that xStocks and its distribution partners raised more than $1 billion in customer orders. But when insurers finalized assignments, many of those requests went unaddressed.
Binance, Bybit and Bitget did not receive shares and canceled their offers. Meanwhile, Kraken and xStocks clients received only a fraction of the allocations they requested.
However, the shortfall was not limited to crypto platforms. Data compiled by Access IPOs showed that some retail investors at traditional brokerages received only a portion of the shares they had sought.
An xStocks spokesperson said that “overwhelming demand” prevented all orders from being fulfilled and that funds linked to unfulfilled subscriptions had been returned.
The company’s tokenized SpaceX shares, trading under the symbol SPCXx, were still launched after the IPO. According to Arkham data, around $24 million worth of tokenized shares were circulating on-chain at press time. Ondo Finance and Dinari, which did not offer access before the IPO, also launched tokenized SpaceX products following the company’s market debut.
Lesson for tokenized assets
The episode highlights a key lesson for tokenized assets. Creating a token is easy; Securing the real asset behind this is the crucial part.
“What appears to have gone wrong… is that demand significantly exceeded the available supply of underlying shares,” said a spokesperson for tokenization platform Dinari. “If the underlying shares cannot be obtained, allocated and maintained within the necessary regulatory framework, there will ultimately be no asset to tokenize.”
