SpaceX (ticker symbol SPCX) has begun its public trading, becoming the largest initial public offering and making Elon Musk the first trillionaire ever. The trading commenced on June 12th after raising $75 billion at a $1.75 trillion implied valuation, and crypto users were expected to buy the stock through selected cryptocurrency exchanges (Binance Wallet, Kraken, Bybit, and Bitget).
However, the IPO subscription is currently paused due to the excessive demand for the stock. xStocks, the delivering agent of the SpaceX stocks, failed to provide the required allocations to Binance Wallet, Bybit, and Bitget, forcing these exchanges to cancel the IPO offerings.
Binance, Bybit, & Bitget Terminate SpaceX IPO, Kraken’s Orders Partially Fulfilled
While Binance, Bitget, and Bybit terminated the IPO, Kraken’s orders were partially fulfilled, and unfulfilled orders were refunded. ByBit clarified that the funds will be refunded and an extra reward will be provided to eligible participants. “As a thank you for your patience and support, eligible participants will also receive an additional reward based on a 10% APR over a fixed 4-day period, credited automatically to their accounts,” Bybit stated on X.
Binance Distributes SPCXB Airdrop to SpaceX (SPCX) IPO Participants
Binance Wallet started refunding the locked USDC to the users’ Binance Wallets. In addition, Binance will distribute a total of $1,000,000 worth of bStocks SpaceX tokens (SPCXB) equally to all users who participated in the IPO.
SPCXB represents the digital asset version of SpaceX shares, and it is backed by real SPCX shares. SPCXB tracks the price in a 1:1 ratio, and the shares are verifiable through the transparent proof of reserves and are held by a regulated custodian. All Binance users can soon trade SPCXB with its arrival on the Binance Spot.
Although these events were beyond Binance’s control, many users blamed the platform for lagging and shattering investors’ expectations. However, it is important to note that the exchange supports the trading of 7,000+ US-listed stocks and ETFs. The library includes the stocks from some of the most reputable companies in the world.
How to Trade US Stocks on Binance? Step-by-Step Guide
To trade stocks at Binance, users should complete the KYC (Know Your Customer) verification process first. After completing the KYC, follow the instructions provided below.
On the Binance App
- Update to the latest version of the Binance App.
- Access the Trade bar and tap Stocks.
- Choose your stock by accessing the list or by searching for it.
- Select your order type and input the price and order amount.
- Choose your payment method from spot or funding, and double-check your order by tapping preview.
- If everything is right, tap Buy.
- Tap “Convert & Buy” after verifying the conversion rates if you are using a non-USDC asset to purchase.
- The order will be executed, and the unused portion of your funds will be returned immediately.
On Binance Web
- Access the official website of Binance and log in to your account.
- Navigate to the top-left and tap on Trade. Then access Stocks.
- Choose the stock from the list or search for the stock you wish to trade.
- Select an order type and enter your order amount and price.
- Choose Spot or Funding Account as payment method and tap Preview.
- Double-check your order and finalize the purchase by tapping Buy.
The Bottom Line
It is important to keep in mind that both stocks and crypto are subject to high market and liquidity risk and price volatility, so engage in responsible trading. Always invest the funds you can afford to lose, and trade with complete awareness rather than making emotional and impulsive decisions.