Bybit, the world's second-largest crypto exchange by trading volume, has launched a tokenized IPO service called Bybit IPO Express, enabling retail investors to buy shares at official underwritten prices. The service, powered by Payward Services' xStocks, allows eligible investors worldwide to subscribe to tokenized representations of publicly traded equities. The first offering is SpaceX's highly anticipated IPO, expected on June 12, 2026, at a $1.75 trillion valuation and $75 billion raise. Unlike previous pre-IPO markets from Binance, Bitget, and Gate that offered derivatives or IOUs, Bybit claims this is the first time crypto users can purchase shares at IPO pricing. The service aims to democratize access to IPOs traditionally reserved for institutional investors and select brokerages. Bybit joins Kraken in offering tokenized IPOs, signaling a convergence of traditional capital markets and crypto infrastructure. Registration runs June 7-11, with allocation and trading starting June 12. The move expands crypto exchanges beyond digital asset trading into broader financial services.

Key facts

• Bybit launches tokenized IPO service for SpaceX listing, bypassing Wall Street clubs.
• Retail investors can buy shares at official IPO price, not derivatives or IOUs.
• SpaceX IPO expected June 12 at $1.75 trillion valuation, raising $75 billion.
• Powered by Payward's xStocks; registration June 7-11, trading June 12.
• Second crypto exchange after Kraken to offer tokenized IPOs.