SpaceX IPO scramble reveals difference between tokenizing a stock and getting one (opens original article in a new tab)

Crypto platforms canceled SpaceX pre-IPO offerings after failing to secure shares, highlighting the challenge of linking tokenized assets to real-world underlying assets.

• Binance Wallet, Bybit and Bitget canceled SpaceX pre-IPO offerings after failing to secure shares through xStocks
• SpaceX's IPO saw overwhelming retail demand exceeding available shares leading to partial or unfilled orders
• Tokenized assets require securing underlying real assets, not just creating tokens
• Blockchain technology functioned as intended, but sourcing shares proved challenging