Kraken has taken a significant step by allowing eligible customers in over 110 markets to express interest in SpaceX ahead of its public trading debut. According to the official information, this innovative approach introduces a tokenized claim, SPCX, which is backed by the underlying shares, making it a notable development in the intersection of cryptocurrency and traditional equity markets.
Exclusive Initiative for Non-US Users
The initiative is exclusively available to users outside the US, Canada, Australia, and the UK, requiring participants to have a verified Kraken account and the mobile app. Through the xStocks IPO Access program, eligible customers can submit their interest prior to the listing, with allocations provided in the form of tokens instead of conventional brokerage positions.
24/7 Trading of Tokenized Shares
This new structure allows for 24/7 trading of tokenized shares on Kraken and other xStocks platforms post-allocation, democratizing access to IPOs that have traditionally favored large institutions and select broker clients. Kraken aims to integrate tokenized equities into everyday trading, with SpaceX marking the inaugural IPO in this ambitious initiative.
Strong Demand for SpaceX Shares
As the public trading date approaches on June 12, demand for SpaceX shares has already surpassed the available supply, highlighting the strong interest in this groundbreaking offering.
In light of Kraken's recent initiative allowing customers to express interest in SpaceX shares, it's important to note that SpaceX previously highlighted potential challenges regarding its orbital AI computing project. For more details, see the full report here.
