Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has launched a new product called IPO Express that allows eligible retail investors to participate in initial public offerings through tokenised representations of publicly traded equities. The Dubai-based exchange announced the feature on June 7, 2026, positioning itself as one of the first centralised crypto exchanges globally to offer IPO access at the offering price.
How IPO Express Works
The product is powered by xStocks, a tokenisation infrastructure operated by Payward Services, Kraken’s parent company. Through IPO Express, eligible users can subscribe to tokenised shares directly via their existing Bybit accounts, without needing to open or maintain a traditional brokerage account. Access is currently available to Bybit VIP and Pro users who have completed Level 1 identity verification.
SpaceX is the inaugural offering on the platform, trading under the ticker SPCX. The subscription and registration window runs from June 7 to 11, 2026. Allocations are distributed between June 11 and 12 on a pro-rata basis, meaning if demand significantly exceeds available supply, individual users may receive fewer shares than they applied for. Any uncommitted funds are automatically refunded after allocation. Tokenised SpaceX shares are then available for open trading on Bybit Spot from June 12.
What the Tokens Actually Represent
Users should note that the tokenised shares offered through xStocks are structured as tracker certificates, not direct equity. Holders receive no voting rights or dividends, and Bybit’s own terms indicate that the collateral backing the tokens may not always consist of the underlying shares. The tokens are, however, tradable around the clock on Bybit Spot and on other participating xStocks platforms.
A Broader Shift in Crypto Exchange Offerings
Bybit is not alone in using xStocks for this purpose. Kraken, whose parent company operates the xStocks infrastructure, is offering SpaceX IPO access to eligible users across the European Economic Area and more than 110 international markets, with US, UK, Canadian, and Australian users excluded due to regulatory restrictions.
Other major exchanges, including Coinbase, Binance, OKX, and Bitget, have taken a different approach, offering pre-IPO perpetual futures contracts on SpaceX rather than tokenised representations of the actual shares. The Bybit and Kraken approach via xStocks is therefore a distinct product; one that attempts to bring primary market access into a crypto-native interface at the actual offering price.
