ChainCatcher reported that Kraken employee Nata published an explanation for why SpaceX Pre-IPO orders were only partially completed. According to Nata, the orders were not fully filled because global demand was far greater than the allocation made available by the underwriters.
Nata also stated that any portion of the orders that was not satisfied will be fully refunded, and no fees will be charged for those unfilled amounts. The explanation follows earlier comments from the same Kraken employee regarding the subscription quota for SpaceX’s tokenized stock.
ChainCatcher previously reported that Nata said the subscription allocation for SpaceX tokenized stock SPCX on the xStocks platform was “much, much smaller than expected” and had been sharply reduced. Nata also added the note “cancel hedging” in that earlier post.
As of the publication of the report, Kraken had not issued an official statement regarding the partial completion of the SpaceX Pre-IPO orders, the reduction in SPCX subscription allocation, or the refund arrangement described by Nata.