Bybit is pushing tokenized equities closer to the IPO market with the launch of IPO Express, a new product that will start with SpaceX as its first offering.
The exchange said eligible users will be able to subscribe to tokenized representations of IPO shares through Payward Services’ xStocks infrastructure, giving crypto-native investors a way to access primary-market pricing from inside a Bybit account. Registration and subscription for the SpaceX offering run from June 7 to June 11, with allocation scheduled for June 11 to June 12 and spot trading on Bybit expected to begin June 12.
The launch lands during one of the most closely watched public listings in years. SpaceX has set a $135 share price for its IPO and is aiming to raise $75 billion at a $1.75 trillion valuation, according to Reuters. Demand has already been running at roughly double the amount the company is seeking to raise, making access to allocations a major part of the market story.
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Bybit is positioning IPO Express as a bridge between traditional equity issuance and crypto exchange infrastructure. The platform says users can participate with supported assets such as USDC (CRYPTO: $USDC), while subscription funds remain locked until the allocation process is complete.
The structure is not the same as owning the underlying stock. Bybit’s terms say xStocks do not give holders voting rights, dividend rights or direct legal or beneficial ownership in the issuer. Instead, the tokens are designed to track economic exposure to the reference asset, with participation limited by eligibility rules, regional restrictions and the platform’s allocation process.
Emily Bao, Bybit’s head of spot, called the rollout a milestone for the exchange’s next chapter, saying the goal is to bring traditional finance and crypto into a single access layer.
Tokenized equities have already moved from a niche wrapper into a larger exchange strategy. Bybit is now testing whether that demand extends to the most competitive part of the market: getting exposure before trading opens to the public.
