Allocations for SpaceX tokenized stock SPCX on xStocks have come under scrutiny after a Kraken employee, Nata, posted on social media that the offering size was cut by far more than expected. The post also included the phrase “cancel hedge.” Kraken had not issued an official response as of publication.
The tokenized product is tied to SpaceX shares that, according to the source material, began trading on Nasdaq on June 12 at $135 per share under the ticker SPCX. Through xStocks, Kraken opened IPO Access to users across the European Economic Area and more than 110 jurisdictions, allowing purchases at the offering price. Participants would receive SPCXx, a tokenized equity instrument described as being backed 1:1 by custodied shares, with trading available 24 hours on weekends when traditional markets are closed. Users in the United States, United Kingdom, Canada, and Australia were excluded.
Underwriters control the final allocation
The main issue is how much buyers were actually assigned. Kraken had previously disclosed an IPO Access allocation of about $400 million, but the subscription page stated that final allocations would be determined by underwriters and were not guaranteed. In practice, that meant the amount a user submitted did not equal the number of shares or tokenized units they would finally receive.
Some community members said their final allocation on Kraken came to roughly four shares. Demand appears to be the key factor. The source says the SpaceX IPO was 4x oversubscribed, with total orders reaching $250 billion. In that setting, a smaller allocation for tokenized distribution channels would not be unexpected.
“Cancel hedge” remains unexplained
Nata’s reference to “cancel hedge” has added another layer of uncertainty, but no public explanation has been provided. It is still unclear which subscribers, if any, could be affected by that comment, and there is no confirmation that the backing arrangement for SPCXx has changed. For now, the only confirmed point is that Kraken has not published a formal statement on the reported reduction.