Strong demand for SpaceX tokenised IPO in UAE and GCC, says Bybit

09/06/2026 03:48 AST

Cryptocurrency exchange Bybit has reported strong early demand from UAE and GCC investors for the tokenised SpaceX initial public offering (IPO), an official said.

Derek Dai, Bybit's Mena Country Manager, described the response for the $75-billion IPO as markedly positive in the first hours since opening.

"We have seen very positive momentum overnight since we opened up the Bybit IPO Express portal on Sunday afternoon, both globally and here in the GCC. It is a milestone in the way IPOs move across capital markets," Dai told Khaleej Times.

The world's second-largest cryptocurrency exchange by trading volume on Sunday launched Bybit IPO Express, becoming one of the first centralised crypto exchanges globally to offer a tokenised IPO at the offering price. Powered by Payward Services' xStocks, eligible retail investors worldwide can now participate in blockbuster IPO projects by subscribing to tokenised representations of publicly traded equities, starting with SpaceX as the inaugural offering.

For the SpaceX offering, registration and subscription will run from June 7 to June 11, 2026, with allocations to be finalised between June 11 and June 12. Tokenised shares are expected to begin trading on Bybit's spot market from June 12.

Elon Musk's SpaceX IPO is priced at $135 a share, setting the company's valuation at $1.75 trillion. Set to debut on Nasdaq on June 12, the company is selling 555.6 million shares.

Users will be able to purchase shares at IPO pricing, bypassing secondary market competition without the need to open or maintain traditional brokerage accounts.

"For Bybit and eligible users here in the UAE and GCC, this marks a defining moment for the average investor to use stablecoins to access traditional assets. We are registering interest from all eligible users from regular to Pro users," Dai said.

Khaleej Times