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Kraken says limited SpaceX allocation left xStocks orders partially unfilled

Kraken says limited SpaceX allocation left xStocks orders partially unfilled

Kraken cited an underwriter allocation shortfall for SpaceX xStocks orders, while Binance, Bybit and Bitget canceled related offerings and moved to refund users after the deal was heavily oversubscribed.

BNB

Fact Check
The claim is directly supported by primary-source X posts from Kraken staff member Nata (@CryptoNataNata). One post states the xStocks allocation was 'far less than expected, drastically cut'; a follow-up Q&A explicitly states Kraken did not receive the expected Pre-IPO allocation from SpaceX's underwriters, that orders were only partially filled, and that unfilled portions are fully refunded with no fees. Kraken's official @krakenfx account confirms the SpaceX-on-xStocks (SPCXx) IPO Access program existed (launched June 5, 2026). Odaily and TheBlockBeats independently corroborate the staff statements. The only minor caveat is that the detailed explanation came from a Kraken staff member's personal account rather than the official @krakenfx handle, but it is framed as Kraken's customer communication, which the claim accurately characterizes ('the exchange said').
Summary

Kraken said some customer orders for SpaceX tokenized stock on xStocks were only partially filled because it did not receive the allocation it had expected from SpaceX underwriters. Kraken staff member Nata said on June 12 that the subscription allocation had been reduced by much more than expected and that unfilled portions would be fully refunded with no fees. Community feedback cited by BlockBeats said Kraken presale users received about 4.2786 shares each regardless of order size, indicating a heavily oversubscribed offering. Binance, Bybit and Bitget later said they would fully refund subscription payments for the SpaceX tokenized stock SPCXx after SpaceX's IPO was oversubscribed by more than 3.5 to 4 times and xStocks could not secure the backing shares. SPCX opened at $150 and briefly rose to $176.

Terms & Concepts
  • tokenized stock: A blockchain-based token representing stock or stock-like equity exposure.
  • underwriters: Financial firms that help allocate and distribute share offerings.
  • underlying shares: The actual stock that must be obtained and held to back a related financial product or token.