Bybit has begun offering tokenized access to a future SpaceX public listing, following Kraken into the tokenized equities market, The Block reported. Both products are built on Payward's xStocks framework, the tokenized equities platform Kraken acquired through its purchase of Backed Finance in late 2025.
According to The Block, Bybit's move directly mirrors Kraken's earlier rollout, signaling that the xStocks framework is expanding beyond a single exchange and into a broader race to bring tokenized private-company exposure to crypto users.
How the SpaceX product works
Cointelegraph reported that eligible Kraken users in more than 110 markets can register for tokenized SpaceX equity ahead of the company's highly anticipated public listing. The tokenized format is designed to give retail users exposure to a company that has not yet traded on public markets, with the offering structured around the eventual IPO.
Payward, Kraken's parent company, built the xStocks infrastructure following the Backed Finance acquisition, positioning the framework as a vehicle for tokenized stocks rather than purely crypto-native assets. Bybit's adoption of the same rails marks one of the first signs that the platform is being licensed or extended to additional exchanges.
Why it matters
Tokenized equities have become a focal point for major exchanges seeking to bridge traditional markets and crypto. By offering access to a closely watched name like SpaceX before its listing, Bybit and Kraken are testing demand for tokenized private-company exposure — a category that has drawn regulatory scrutiny in several jurisdictions.
SpaceX, the privately held aerospace company founded by Elon Musk, remains one of the most sought-after pre-IPO names among retail investors, who have historically had little direct access to its shares. Bybit and Kraken rank among the largest centralized crypto exchanges by trading volume, and their push into tokenized stocks reflects a wider industry effort to broaden product lineups beyond spot and derivatives trading. For holders, the tokens are designed to track exposure to the company rather than confer traditional shareholder rights, meaning the structure and any settlement mechanics hinge on the eventual listing.
The competition between the two exchanges underscores how the xStocks framework has moved quickly from acquisition to a multi-platform product. Both The Block and Cointelegraph noted that the SpaceX offering remains tied to the company's anticipated public listing, and that availability depends on user eligibility by market.