Binance Wallet has cancelled its SpaceX SPCXx IPO campaign, changing the outcome of one of the most-watched crypto access routes around the record SpaceX listing.
The Binance Wallet cancellation notice said the exchange was unable to proceed with the campaign due to circumstances outside its control. The update followed heavy attention around SpaceX-linked crypto products, after CZ’s X post pushed the notice back into focus during the IPO window.
All locked USDC from participating users will be fully refunded to Binance Wallet through the original payment method. No user action is required, and Binance said refunds are being processed in batches with a target completion date of June 12.
The cancellation separates the Binance Wallet campaign from other SpaceX exposure routes that stayed active during the listing window. Hyperliquid’s SPCX pre-IPO market had already become a major synthetic trading venue, with the SPCX pre-IPO perp topping $500 million in 24-hour volume as traders positioned around the Nasdaq debut.
$1M SPCXB Airdrop Replaces The Campaign
Binance will distribute $1 million worth of bStocks SpaceX tokens, listed as SPCXB, to users who participated in the cancelled campaign. The tokens will be automatically credited to eligible users’ Binance Spot accounts by June 18.
SPCXB is designed to track the price of SpaceX shares and is backed 1:1 by real SpaceX shares held by a regulated custodian, with publicly verifiable proof of reserves. Binance also said SPCXB/USDT spot trading will open on June 12 at 17:00 UTC, with deposits and withdrawals scheduled to open on June 13 at 13:30 UTC.
The product remains different from direct SpaceX equity. Binance’s bStocks risk language states that bStocks are tokenized securities, not stocks or shares, and do not give holders direct ownership of the underlying company’s shares. They also do not provide ordinary shareholder rights such as voting rights or direct shareholder privileges.
That distinction is now central to the SpaceX launch cycle. The cancelled SPCXx campaign involved locked USDC and expected campaign-based access. SPCXB is a separate bStocks token. Binance Stocks also supports whole-share regular trading hours limit orders for SPCX stock through a broker-routed structure for eligible users.
SpaceX Listing Drives Crypto Market Demand
SpaceX priced 555,555,555 Class A shares at $135 each, raising $75 billion before any underwriter overallotment option and setting up trading on the Nasdaq Global Select Market and Nasdaq Texas under the ticker SPCX.
That public listing created several parallel crypto-market products. Binance Wallet’s SPCXx IPO campaign has now been cancelled and moved into refunds plus an SPCXB airdrop. Binance Spot is listing SPCXB as a bStocks token. Binance Stocks is routing eligible whole-share SPCX stock orders through its stock-trading product. Hyperliquid’s SPCX market remains a leveraged perpetual derivative, not equity.
The cancellation makes the risk split clearer for users. Public SPCX shares, broker-routed stock orders, bStocks tokens and pre-IPO perps all give different types of exposure. Binance Wallet users in the cancelled campaign are being refunded in USDC, while the $1 million SPCXB distribution gives participants a separate tokenized SpaceX-linked asset instead of the original campaign allocation.
