Bybit has formally entered the tokenized equity arena with the launch of IPO Express, an on-chain equity offering platform that aims to bring private and public company exposure to crypto users. The exchange’s first product on the platform is a tokenized offering tied to SpaceX, created in partnership with token issuer xStocks. Subscriptions for the tokenized SpaceX shares are now open, and spot trading is expected to begin on June 12.
Bybit says the tokens are fully backed on a one-to-one basis by xStocks issuers, providing regulated exposure to SpaceX without conveying direct ownership of the company’s common shares. “Tokenized SpaceX shares are fully backed by xStocks issuers,” the exchange noted in its announcement, stressing the product’s structure as exposure rather than traditional equity ownership.
SpaceX — still among the world’s most valuable private companies — was chosen as the debut listing under IPO Express, giving retail crypto users a route into private-market exposure that has historically been limited to venture investors and select institutions. The move reflects growing market interest in private equity tokenization and the broader real-world asset (RWA) sector, which has become one of the fastest-growing areas of digital assets.
Industry participants and institutions have been increasingly focused on tokenized funds, Treasuries and other RWA use cases, and blockchain networks such as the XRP Ledger and Ethereum have stepped up efforts to build RWA infrastructure. Exchanges, sensing demand, are now racing to package regulated, blockchain-delivered financial products — and Bybit’s IPO Express is the latest example.
The product launch also follows a turbulent period for Bybit: earlier this year the exchange suffered a record hack but subsequently stabilized withdrawals, rebuilt reserves and resumed expanding its product lineup. IPO Express signals Bybit’s continued push beyond spot crypto trading as exchanges look to diversify offerings and attract new users.
As tokenized equities gain traction, competition among exchanges to capture this new source of liquidity and trading activity is likely to intensify — with faster blockchain settlement and wider accessibility among the key selling points for these emerging products.
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