Key Summary
- Kraken employee Nata posted that the subscription quota for SpaceX's tokenized stock SPCX has been significantly reduced, but there has been no official response.
- Kraken previously disclosed that its IPO Access allocation was approximately $400 million, but announced that the allocation was determined by the underwriters and was not guaranteed.
- SpaceX debuted on Nasdaq today at $135 per share, with the IPO oversubscribed by four times.
The highly sought-after SpaceX tokenized shares have reportedly seen a reduction in subscriptions. Kraken employee Nata posted on social media today, stating that the subscription amount for SPCX on the xStocks platform was "far, far less than expected," indicating a significant reduction. The post also included the note "hedging cancelled." As of press time, Kraken has not issued any official statement regarding this matter.
SpaceX listed on Nasdaq today (June 12) at $135 per share, under the ticker symbol SPCX. Kraken opened IPO access through xStocks, allowing users in over 110 regions, including the European Economic Area, to subscribe at the offering price. They received tokenized shares of SPCXx, backed 1:1 by custodian real shares, and could trade 24 hours a day on weekends when traditional markets were closed. Users in the United States, the United Kingdom, Canada, and Australia were not included in the IPO access.
The quota is determined by the underwriters.
The problem lies in the allocation. Kraken previously disclosed that the IPO Access quota was approximately $400 million, but the subscription page clearly stated that the allocation was determined by the underwriters and Kraken did not guarantee it; "the amount you submit for subscription does not equal the amount you will ultimately receive."
Some community members said they were eventually allocated around 4 shares on Kraken.
With SpaceX's IPO oversubscribed four times and order book exceeding $250 billion, the reduced allocation of tokenized shares isn't entirely unexpected. As for which subscribers will be affected by Nata's mention of "removing hedging" and whether it will impact the underlying equity backing of SPCXx, we'll have to wait for Kraken's official statement.
Frequently Asked Questions
Has Kraken xStocks' SpaceX tokenized stock allocation been reduced?
Kraken employee Nata posted on social media that SPCX's subscription amount on xStocks was "significantly less than expected, drastically reduced," with the added note "hedging cancelled," but Kraken has not yet officially confirmed this. The previously disclosed IPO Access allocation was approximately $400 million, and it was explicitly stated that it was not guaranteed.
Why can't I get the full amount when subscribing to SPCX tokenized shares?
Kraken announced on its subscription page that the allocation is determined by the underwriters and the amount submitted does not equal the final number of tokens received. SpaceX's IPO was oversubscribed four times, with orders exceeding $250 billion, thus reducing the number of tokens allocated to those using the tokenization channel.
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