Kraken Lets Spanish Retail Investors Access SpaceX IPO Via xStocks Tokenized Shares

Kraken announced that retail investors in Spain can invest in SpaceX's IPO through its IPO Access service, with SpaceX described as the first company whose IPO will be available through the program.

“Kraken opens access to SpaceX's pre-IPO to more than 110 international markets via xStocks, its tokenized stock platform, with an IPO expected on June 12 at a target valuation of at least $1”

Actufinance

The Kraken exchange said eligible clients in Spain and the European Economic Area (EEA) may submit a non-binding expression of interest to participate in SpaceX's IPO within a specified price range in the days prior.

Actufinance

Clients who receive an allocation will have in their account the SPCXx token, backed 1:1 by actual SpaceX shares custodied by a regulated entity, and the tokens can be held in custody, traded, or transferred within the xStocks ecosystem.

Kraken said xStocks do not confer voting rights or dividends, and unlike other competitors, Kraken's trading will be available 24/7, seven days a week.

The exchange also said Kraken and the other participating members of the xStocks alliance will be the only platforms offering continuous trading, including during the first weekend after the IPO, when traditional brokers remain closed until the markets reopen on Monday.

Kraken began accepting select tokenized stocks and exchange-traded funds (ETFs) as collateral for futures and margin trading, allowing eligible users to open leveraged positions without selling their holdings.

The feature initially supports 10 tokenized stocks and ETFs, including Apple, Nvidia, Tesla, Strategy, the SPDR S&P 500 ETF and Invesco QQQ Trust, and eligible users can post those holdings as collateral without selling them first.

Cointelegraph

Each eligible asset is assigned a collateral haircut that reduces its lending value based on risk, with broad-market ETFs receiving the lowest haircut at 10% while more volatile stocks such as Strategy and Robinhood are discounted by 30%.

Kraken also imposed collateral limits on each asset, with broad-market ETFs capped at up to $1 million in collateral value, most individual stocks at $250,000 and tokenized gold and Circle shares at $100,000.

The exchange said the feature is available only to eligible clients outside the United States, and it said tokenized stocks can be used as collateral for futures trading in the European Economic Area while margin collateral support is available in other eligible jurisdictions outside the bloc.

The rush to participate in SpaceX's initial public offering left many cryptocurrency investors on the sidelines, as Binance Wallet, Bybit, and Bitget Wallet canceled SpaceX's pre-IPO offers on Friday and refunded customers after failing to obtain the promised shares through xStocks.

“Eligible users can now use select tokenized stocks and ETFs as collateral for futures and margin trading without selling their holdings”

Cointelegraph

A Bybit spokesperson told users, "Because xStocks was unable to deliver the underlying assets, no SpaceX allocation was received," and CoinDesk reported that Kraken and xStocks customers received only a fraction of the allocations they had requested.

CoinDesk said the company aimed to raise $75 billion and initially planned to reserve 30% of the offering for retail investors, but demand quickly exceeded that allocation.

Bloomberg reported that retail orders surpassed $100 billion, while CNBC reported that the portion allocated to retail investors was reduced to a low 20% band before pricing.

CoinDesk quoted an Ava Labs post on X saying, "What really got disrupted was something older and more mundane: the work of actually sourcing the shares," framing the episode as a supply-and-allocation problem rather than a technology failure.