Binance Wallet’s SpaceX IPO Subscription Attracts $557M Funding

Binance Wallet’s SpaceX IPO subscription has attracted a whopping $557 million in proceeds recently. This feat comes as Elon Musk’s aerospace company is set to go public on Friday, June 12.

Binance Launches Tokenized SpaceX IPO Campaign

According to data from Dune Analytics, Binance’s first tokenized IPO campaign tied to SpaceX saw solid buy interest. It regustered $557 million worth of subscriptions from 27,689 wallet addresses participating.

The fundraising focus was on SPCXx, a tokenized token that’s offered from xStocks and is meant to mirror the performance of SpaceX in the event that it goes public. For context, the campaign was the first offering in Binance Wallet’s new IPO program. It indeed seeks to connect traditional equity markets with blockchain investment infrastructure, per Binance’s latest announcement.

Retail-sized applications had the highest participation numbers, according to data. Over 81% of all participants were wallets with total funding of $20,000 or less, while less than one-fifth of the total amount committed came from these wallets.

Moreover, those who invested from $20,000 to $100,000 accounted for almost 17% of subscribers. These investors provided the bulk of the funds, accounting for nearly 58% of the total amount. Further, the numbers are fascinating as Elon Musk’s fans are even opting for loans to buy more SpaceX shares during debut.

There was also a massive involvement from large ticket participants. More than 10% of all subscribed capital was pledged from a total of 114 addresses, who each pledged at least $500,000 each.

Who Is Eligible For SPCXx Tokens?

The subscription period commenced on June 11 and ended on June 12, following which calculations were made for allocations. Users had to lock USDC during the application period till the end of the results of their final distribution.

Binance announced that but not everyone involved would receive SPCXx tokens. The final allocation will be decided by the issuer and underwritten based on the demand and issuance arrangements. The applicants can get full, half or no allocation. Unsuccessful applicants will be notified and will be refunded the full amount upon completion of allocations.

The minimum subscription amount was set at 100 USDC and the reference token price was set at 135 USDC (before fees). Successful allocations will have a 5% underwriting charge applied. The offering was priced at an implied $1.75 trillion in SpaceX value.

Holders of SPCXx have access to price movements that are correlated with the SpaceX IPO listing slated on June 12. However, they would not own equity, have voting rights, dividends, or other rights as a shareholder in SpaceX.

Recently, Binance also launched pre-IPO perpetual futures trading for SpaceX. At the time, these products also hyped up well.

For those looking for new crypto launches, check out our page on Crypto ICOs.