Bybit has launched IPO Express, making it one of the earlier centralized crypto exchanges to offer access to tokenized IPOs at the offering price. The service is powered by xStocks from Payward Services and allows eligible retail users to subscribe to tokenized representations of publicly traded equities, with SpaceX named as the first offering.
SpaceX opens the first subscription cycle on the new platform
According to the timeline released by Bybit, SpaceX is the inaugural deal under the IPO Express framework. The registration period and subscription window run from June 7 to June 11, 2026. During that period, eligible users can review the offering details and submit subscription requests within the announced IPO price range, while committed funds remain locked until allocation is determined. From June 11 to June 12, allocations are processed on a pro-rata basis according to total demand, and unused funds are refunded automatically. On June 12, tokenized SpaceX shares are scheduled to begin trading on Bybit Spot.
xStocks framework ties tokenized shares to real equity on a 1:1 basis
Bybit said the product is aimed at narrowing the access gap that has long shaped traditional IPO markets. High-profile offerings have usually been constrained by geography, brokerage access, allocation rules, and institutional demand, leaving many retail investors to enter only after public trading begins. Under the xStocks IPO framework, allocations are finalized on the listing day, and the IPO shares are then tokenized. Those tokens are backed 1:1 by real equity held in regulated broker-dealer custody.
xStocks also said its blockchain-agnostic structure is built for onchain interoperability. Its tokenized equities lineup covers listed shares trading on secondary markets and includes features such as extended trading hours, DeFi composability, and crypto-native settlement. For Bybit users, the setup removes the need to open and maintain a traditional brokerage account in order to join eligible IPO subscriptions through the exchange.
Bybit links the launch to a wider push into financial services
Emily Bao, Head of Spot at Bybit, said the exchange is among the first two centralized platforms to offer compliant access to tokenized SpaceX IPO subscriptions at the offering price. She said the partnership with xStocks allows Bybit customers to participate directly in US-listed IPOs alongside their crypto holdings.
The launch also points to growing interest in tokenized real-world assets, or RWAs, across both crypto-native firms and traditional financial institutions. Bybit noted that IPO-related assets can see sharp price swings after listing, and that listings may be adjusted, delayed, or canceled because of market or regulatory conditions. Founded in 2018, Bybit says it is the world’s second-largest cryptocurrency exchange by trading volume and serves more than 80 million users globally.