Bybit has rolled out IPO Express, a new service that brings access to U.S. stock IPOs into the crypto exchange environment, starting with SpaceX. By trading volume, Bybit is the world’s second-largest crypto exchange, and with this move it becomes the second exchange after Kraken to offer tokenized IPO access.
SpaceX is the first deal on the calendar
According to Bybit, registration for the SpaceX IPO runs from June 7 to June 11. Allocation is scheduled for June 11 and June 12, and the token is set to begin public spot trading on Bybit on June 12. The source material says Elon Musk’s SpaceX plans a $75 billion IPO on June 12 at a $1.75 trillion valuation, placing it among the largest public listings on record.
Different from pre-IPO derivatives already seen on other exchanges
Binance, Bitget and Gate have previously listed pre-IPO markets, but those products were structured as derivatives. In those cases, traders were not buying the underlying shares themselves. They were trading prediction-style instruments or IOUs tied to expectations about what a company might be worth. Bybit’s new product is positioned as tokenized IPO subscription access, allowing eligible retail investors worldwide to subscribe to tokenized representations of publicly traded equities.
The service is powered by Payward Services through xStocks. In its release, Bybit said exchanges are increasingly moving beyond digital asset trading and into broader financial services, narrowing the gap between traditional capital markets and crypto-native infrastructure. It also said xStocks’ regulated blockchain gives holders of tokenized listed stocks access to extended trading hours, DeFi composability and crypto-native settlement flexibility.
Exchanges are now competing for IPO distribution
Payward, Kraken’s parent company, has also said it will soon allow Kraken customers and xStocks alliance members to take part in U.S.-listed IPOs through tokenized shares. Bybit says the goal is to open IPO participation to a wider user base, rather than leaving it mainly to institutional investors, private banking clients and selected brokerage networks. For Bybit users, the exchange described this as the first chance to buy shares at IPO pricing through a crypto exchange instead of entering later through the secondary market.