Kraken has opened a path for eligible customers in more than 110 markets to register interest in SpaceX before the company starts public trading, and anyone who receives an allocation will get SPCXx, a tokenized claim backed 1:1 by the underlying shares.
The move puts one of the year’s most watched offerings inside a crypto app, but only for users outside the US, Canada, Australia and the UK.
How The Access Works
To take part, users need a verified Kraken account and the Kraken mobile app, not Kraken Pro or the desktop site. Kraken said the SpaceX program is being run through xStocks IPO Access, which lets eligible customers submit interest ahead of the listing, and any allocation will be issued as a token rather than a traditional brokerage position.
The company’s support pages say the feature is available in the EEA and most of the rest of the world, while US residents and clients in Canada, Australia and the UK are excluded. Kraken also said the tokenized shares can trade around the clock on Kraken and other participating xStocks venues after allocation.
The structure matters because it changes who can get near an IPO at all. In the usual process, access to pricing near the offering often goes to large institutions and a limited set of broker clients, while most retail buyers only show up once trading is already live.
A Wider Push Into Tokenized Markets
Kraken is pitching the offering as part of a broader push to bring tokenized equities into everyday use, and SpaceX is the first IPO it has placed behind that door.
The exchange’s blog says the company is opening the door to a large global audience, while its support material frames the program as a way to let eligible customers submit interest before the stock begins open-market trading.
That gives the product a different feel from a standard stock listing. Instead of waiting for a broker to open a book order or for a public market debut to settle, users would be dealing with a token tied to the share after allocation, with trading possible across the xStocks network at any hour.
SpaceX Becomes The Test Case
SpaceX is a fitting first name for the experiment because demand for the company has been intense and the public offering is being watched closely.
The company is expected to begin trading publicly on June 12 and that demand has already topped the number of shares available, based on Bloomberg’s reporting.
Featured image from Unsplash, chart from TradingView
