Kraken has extended access for eligible users in over 110 markets to express interest in SpaceX prior to its upcoming public trading. Participants who receive an allocation will be issued SPCXx, a token representing a 1:1 backing with the actual shares.
This initiative brings one of the year’s most anticipated stock offerings into a cryptocurrency platform, though it is limited to users outside the United States, Canada, Australia, and the United Kingdom.
Understanding the Access Process
To participate in this offering, users must have a verified account with Kraken and utilize the Kraken mobile app (not available via Kraken Pro or the desktop platform). According to Kraken’s official page, the SpaceX program operates through xStocks IPO Access. This feature allows eligible users to express interest before the stock is listed, with any allocations provided as tokens rather than traditional brokerage positions.
According to Kraken’s support documentation, this feature is accessible in the EEA and many other regions, while individuals from the US, Canada, Australia, and the UK are unable to participate. Kraken emphasizes that the tokenized shares will be tradeable 24/7 on Kraken and other xStocks platforms following allocation.
This new structure is significant because it redefines access to initial public offerings (IPOs). Traditionally, early pricing access is reserved for large institutional investors and select brokerage clients, leaving most retail investors to participate only after public trading begins.
The Expansion into Tokenized Markets
Kraken is framing this offering as a key step in its broader initiative to integrate tokenized equities into regular trading practices. SpaceX marks the first IPO introduced through this new model.
The company’s blog reflects its mission to widen accessibility for a global audience while allowing eligible users to signal interest prior to the stock’s entry into the open market.
This model diverges from traditional stock listings, as participants will be engaging with a token directly tied to the shares post-allocation. Trading will be facilitated across the xStocks network at all hours.
SpaceX as a Pilot Project
SpaceX serves as an ideal candidate for this pilot initiative due to the significant interest surrounding the company. The anticipated public trading is set to commence on June 12, with reported demand already exceeding available shares, as detailed in Bloomberg’s coverage.
Featured image from Unsplash, chart from TradingView
