Bybit has launched IPO Express, starting with tokenised access to a SpaceX offering.
The move makes the crypto exchange one of the first centralised platforms to give retail users access to tokenised IPOs at the offering price through their exchange accounts.
IPO Express allows eligible users to subscribe to tokenised representations of public equities without opening a traditional brokerage account. The service runs on Payward Services' xStocks infrastructure, which provides the tokenisation framework behind the product.
The launch expands Bybit beyond digital asset trading into a part of capital markets that has usually been difficult for retail investors to access. Sought-after IPO allocations have often been concentrated among institutional investors, private banks, and established brokerage clients, leaving many smaller investors able to buy only after a stock begins trading on the secondary market.
Under the structure outlined by the companies, IPO shares are tokenised on the day of public listing and backed one-to-one by equity held in regulated broker-dealer custody. If demand exceeds supply, user allocations will be calculated on a pro-rata basis, with unused funds refunded automatically.
Retail access
The first offering on the platform is SpaceX, listed on Bybit under the ticker SPCX. Eligible users can register interest, submit subscription requests within the stated IPO price range, and, after allocation, receive tokenised shares in their Bybit accounts before spot trading begins on the exchange.
The structure is designed to remove some of the frictions that have limited cross-border access to IPOs, including local brokerage requirements, account-opening processes, and geographic restrictions. It also reflects a broader push by crypto exchanges to use tokenisation to bring conventional financial instruments onchain to a wider user base.
Tokenised equities have already become one of the most closely watched segments of the real-world asset market, where blockchain-based systems represent claims on traditional assets. Supporters argue that tokenisation can widen access, extend trading hours, and simplify settlement. Critics point to regulatory complexity, investor protections, and the need for clear legal rights to the underlying assets.
Bybit says its exchange serves more than 80 million users. Adding IPO subscriptions gives the company another way to attract customers who want to trade both crypto assets and tokenised versions of traditional securities in one account.
The announcement also highlights the growing overlap between crypto market infrastructure and mainstream finance. Exchanges built around spot and derivatives trading are increasingly testing products tied to equities, funds, and other regulated instruments as they seek new sources of trading activity.
Access remains limited to eligible users, and participation rules, subscription limits, and market conditions may affect whether an offering proceeds as planned. Bybit also noted that IPO-related assets may be volatile after listing and that listings could be adjusted, delayed, or cancelled.
Emily Bao, Head of Spot at Bybit, described the launch as a milestone in the exchange's next phase.
"Bybit has always pushed the boundaries of what a financial platform can offer, and being one of the first two centralised exchanges to bring compliant tokenized SpaceX IPO access at the offering price is exactly the kind of milestone that defines our next chapter," Bao said.
"For decades, the most exciting moments in capital markets were reserved for institutions and the well-connected investors. Through our partnership with xStocks, Bybit customers around the world can now invest directly in US-listed IPOs alongside their crypto assets, on equal footing with institutional investors. This is what building a New Financial Platform means: bridging the best of traditional finance and crypto into one seamless experience, genuinely accessible to everyone."