Kraken Parent Payward to Offer Tokenized IPO Access via xStocks

Pre-IPO access to SpaceX had previously been dominated by institutional investors. On June 5, 2026, Kraken made it the first offering under xStocks' “IPO Access,” allowing eligible customers in more than 110 regions to subscribe. Investors receiving allocations obtained SPCXx tokens issued by Backed Assets and backed 1:1 by actual shares. The tokens provided price exposure but no voting rights, underscoring how crypto infrastructure is moving into traditional capital markets.

SpaceX listed on Nasdaq at $135 a share on June 12, 2026. Kraken had disclosed about $400 million in available capacity through its channel, with subscription costs also including a 5% spread. Overall IPO orders, however, reached $250 billion, leaving the offering about four times oversubscribed. A Kraken employee named Nata said that day that SPCXx allocations had been sharply reduced and advised users to cancel their hedges. Some received only about four shares, and Kraken had not formally responded by the time of reporting.

Allocations at the offer price for popular U.S. initial public offerings have long favored institutions and wealthy clients, leaving overseas retail investors largely unable to participate until trading begins. Kraken parent Payward is seeking to bring IPO allocations to xStocks, using blockchain technology to reduce geographic restrictions and the need for traditional brokerage accounts. The initiative shows that real-world asset tokenization is moving more rapidly into mainstream financial markets.

Payward announced on June 3, 2026, that Kraken users and some xStocks Alliance users would be able to express interest in subscribing before an IPO and receive tokenized shares on the listing date, each backed 1:1 by the underlying stock. In its first year, xStocks recorded more than $30 billion in trading volume and over $6 billion in onchain settlement, with more than 125,000 users. The first offerings are expected to launch within weeks.