Cryptocurrency exchange Bybit opened trading in tokenized SpaceX shares on Friday, the same day the company made its record-breaking debut on the Nasdaq. The exchange’s xStocks platform went live with SpaceX shares backed one-to-one by real equity held in regulated broker-dealer custody. Retail investors in over 110 countries can now buy and sell SpaceX exposure through the platform 24 hours a day, seven days a week.

The registration and subscription period ran from June 7 to June 11, ahead of Friday’s trading launch. Bybit described the product as giving ordinary retail investors access to a major IPO at the offering price, bypassing the traditional brokerage system that typically reserves early allocations for institutional clients. SpaceX’s IPO drew approximately $150 billion in demand during its roadshow, about double the $75 billion the company sought to raise.

Each tokenized share on Bybit’s platform mirrors the real equity price but does not carry shareholder voting rights, dividend rights, or a direct claim against SpaceX as an issuer. The product is structured as a derivative-style token backed by actual shares held in custody, rather than a direct ownership instrument. Bybit published the structure and custodial arrangements in its product documentation ahead of the launch.

Kraken is the other major crypto exchange to offer SpaceX IPO access, opening subscriptions to clients across more than 110 countries ahead of the Nasdaq debut. Traditional brokerage platforms, including Fidelity, Schwab, and Robinhood, allocated IPO shares to their US retail customers under the 30 percent retail carve-out that SpaceX specified in its prospectus.

The tokenized share model has gained traction over the past two years as crypto exchanges look for products that bridge digital asset markets and traditional equity. Bybit introduced its IPO Express service with SpaceX as the inaugural offering, with plans to expand it to future large listings. The structure represents a significant expansion of Bybit’s reach beyond cryptocurrency trading into equity-linked products.

SpaceX’s tokenized shares were trading in line with the Nasdaq price in early hours of Friday, with Bybit’s platform showing activity from users in Southeast Asia, Europe, and Latin America. Crypto markets broadly were up modestly on the day, with Bitcoin above $63,000. Technology companies watching the Bybit structure have shown interest in using tokenized equity models for future capital raises that target global retail investors directly. Regulatory scrutiny of tokenized equity products remains active in the US, Europe, and Asia, though no enforcement actions have been taken against Bybit’s xStocks platform specifically. Full product documentation for the SpaceX tokenized offering is available on the Bybit exchange website. Bybit said it planned to announce additional listings in the coming weeks.