Bybit has launched a platform that allows eligible retail investors to subscribe to tokenized initial public offerings (IPOs) at the offering price, starting with SpaceX, as cryptocurrency exchanges seek to expand into traditional capital markets.
The crypto exchange said on Sunday that its new Bybit IPO Express platform, developed in partnership with Payward Services’ xStocks, makes it one of the first centralized cryptocurrency exchanges to offer tokenized IPO access at the issue price rather than after shares begin trading on secondary markets.
The move reflects growing interest in the tokenization of real-world assets (RWAs), an area attracting investment from both crypto firms and traditional financial institutions looking to bring conventional financial products onto blockchain-based infrastructure.
Access to high-profile IPOs has typically been limited to institutional investors, private banking clients and established brokerage networks, with many retail investors only able to buy shares after public listing.
Bybit said its platform is designed to broaden access by allowing eligible users to participate in IPO subscriptions directly through their exchange accounts without opening traditional brokerage accounts.
The service is powered by xStocks, whose tokenized equity platform already offers blockchain-based versions of publicly traded stocks.
According to Bybit, the framework tokenizes IPO shares after allocation, with the digital assets backed one-for-one by underlying equity held in regulated broker-dealer custody.
SpaceX will be the first offering available through the platform.
Eligible users can register and submit subscription requests from June 7 to June 11, with allocations expected between June 11 and June 12.
Tokenized SpaceX shares are scheduled to begin trading on Bybit Spot on June 12.
“Bybit has always pushed the boundaries of what a financial platform can offer, and being one of the first two centralized exchanges to bring compliant tokenized SpaceX IPO access at the offering price is exactly the kind of milestone that defines our next chapter,” Emily Bao, Bybit’s head of spot, said in a statement.
Bao said the partnership with xStocks would allow customers to invest in U.S.-listed IPOs alongside their cryptocurrency holdings, describing the initiative as part of the company’s vision of combining traditional finance with digital assets.
Beyond IPO subscriptions, xStocks said its regulated, blockchain-agnostic framework supports tokenized listed equities with features such as extended trading hours, decentralized finance interoperability and crypto-native settlement.
The launch comes as competition intensifies among cryptocurrency exchanges to diversify beyond digital asset trading and offer a wider range of financial products.
Tokenized real-world assets, including stocks, bonds and funds, are increasingly viewed as a key growth segment for the blockchain industry.
Bybit said participation in IPO offerings will be subject to eligibility requirements and regulatory restrictions.
The exchange also warned that tokenized IPO assets could experience significant price volatility after listing and that offerings may be modified, delayed or cancelled depending on market or regulatory conditions.
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