Bybit and Kraken have launched tokenized SpaceX equity products through the xStocks framework this past week, pushing the number of trading venues offering pre-IPO exposure to Elon Musk's rocket company to at least four. The new listings come on the heels of moves by Coinbase International and BitMEX, each of which rolled out their own SpaceX-linked derivatives in recent weeks.
The growing roster of SpaceX trading venues
Coinbase International listed a USDC-settled synthetic perpetual contract for SpaceX exposure on June 4. BitMEX had earlier introduced a USDT-margined pre-IPO product. Now Bybit and Kraken have joined the club with tokenized equity, meaning users can buy digital representations of actual SpaceX shares rather than betting on a synthetic price. The xStocks framework, which both exchanges used, is a platform for issuing tokenized equities tied to private companies.
That brings the count of exchanges offering some form of SpaceX exposure to four. None of the products give holders direct ownership of SpaceX stock, but they allow traders to bet on the company's valuation ahead of a potential initial public offering.
Tokenized equity vs. synthetic contracts
The Bybit and Kraken products are structurally different from the perpetuals on Coinbase International and BitMEX. Tokenized shares via xStocks are meant to track the actual share price of the underlying company, backed by a custodian holding the equivalent number of shares. Synthetic perpetuals, meanwhile, are derivative contracts that settle in stablecoins and rely on price oracles, not on direct ownership of equity.
BitMEX's product is USDT-margined, while Coinbase International's uses USDC. Both are designed for leveraged trading. The xStocks products on Bybit and Kraken likely offer standard spot-style exposure, though the exchanges haven't detailed margin or leverage options.
SpaceX remains private, with secondary market transactions valuing the company at roughly $180 billion as of late 2023. Tokenized offerings allow retail traders to get a piece of that valuation without the usual accredited-investor restrictions, though regulators have paid increasing attention to such products.
The wave of listings underscores a broader push by crypto exchanges to fill a demand for pre-IPO exposure to high-profile private companies. It also raises questions about how these instruments will be treated under securities laws, especially in the United States, where the SEC has been active in policing tokenized securities.
For now, traders have at least four ways to bet on SpaceX's value. Whether those bets pay off depends on the company's actual IPO timeline and the regulatory outcome for the products themselves.
