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Bybit, Binance, and Bitget have each canceled tokenized allocations tied to the anticipated SpaceX IPO, telling affected users the underlying shares simply were not available.
All three exchanges are issuing full refunds and paying additional compensation — an unusual concession that signals the product failed on its most basic promise.
What a Tokenized IPO Allocation Actually Is A tokenized IPO allocation is a blockchain-wrapped instrument that is supposed to give a crypto exchange's retail customers economic exposure to a company going public — in this case, SpaceX.
It is a claim, backed by the exchange's ability to acquire and custody actual equity.
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