Several major crypto trading and wallet platforms have canceled their tokenized SpaceX IPO campaigns after SpaceX began trading publicly on the Nasdaq. Bybit, Binance, Bitget Wallet and MEXC all pointed to problems in securing underlying allocations, leaving subscribers without the expected access and triggering refunds in some cases.

SpaceX’s IPO, reported as more than four times oversubscribed, raised $75 billion and valued the company at more than $2 trillion on its first day. Shares opened at $150, rose from the $135 IPO price, and closed at $161.11 on Friday.

Key takeaways

• Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO offerings once allocations could not be fulfilled.
• Multiple platforms blamed xStocks’ inability to deliver the underlying assets needed to distribute SpaceX tokenized IPO allocations.
• Binance’s campaign had reportedly attracted more than $557 million in USDC deposits before being halted.
• Bitget Wallet and MEXC stated they would refund affected users.

Tokenized IPO campaigns lose the allocation race

As SpaceX transitioned from private markets to public trading, crypto platforms offering tokenized access attempted to translate that demand into participation for their users. But once the IPO went live, these campaigns ran into a practical bottleneck: they could not obtain SpaceX allocations through xStocks, the entity involved in distributing the tokenized exposure.

According to Bybit’s announcement, the firm did not receive any SpaceX allocations due to xStocks’ failure to deliver the underlying assets. In that situation, Bybit said subscribed users would not receive SpaceX allocations despite the earlier subscription process.

Bybit says xStocks delivery issues stopped allocations

Bybit was among the earliest platforms to market tokenized IPO participation with its Bybit IPO Express, which included a SpaceX debut. In its cancellation message, Bybit directly tied the outcome to xStocks’ inability to deliver the underlying assets required for the allocation.

Bybit’s statement indicated that because no allocations were received, the campaign could not proceed as advertised. For users, that meant the tokenized IPO access did not materialize in the form of SpaceX allocations tied to the public listing.

Binance’s deposits were not enough to proceed

Binance also reported that it could not move forward with its tokenized SpaceX IPO campaign after citing circumstances outside its control. Earlier coverage described the initiative as attracting more than $557 million in USDC deposits, reflecting significant interest from Binance users.

Binance Wallet was also described as relying on xStocks for allocation delivery. With xStocks unable to provide the underlying assets, Binance said it was unable to proceed with the campaign, despite the apparent scale of deposits recorded before the IPO date.

Bitget Wallet and MEXC move to refund users

While some platforms framed their cancellation around delivery constraints, others emphasized remediation. Bitget Wallet and MEXC both stated that they would refund users who were affected after they were unable to secure an allocation of xStocks’ tokenized SPCX exposure.

In an X post, Bitget Wallet chief operating officer Alvin Kan said it was “disappointing that this didn’t work out in the end,” adding that the company was sending refunds. Kan also acknowledged that the episode had shaken trust within the industry, while arguing that the platform would continue and “come out of this stronger.”

MEXC similarly indicated that refunds were the next step, aligning with the broader pattern of tokenized IPO campaigns encountering execution risk when upstream allocation mechanics fail.

What this setback signals for tokenized IPO access

This episode highlights a recurring challenge for tokenized access products: they may package participation in high-demand public events for retail or crypto-native audiences, but they still depend on traditional allocation and settlement flows. When the party responsible for sourcing and distributing the underlying exposure cannot deliver, platforms can only cancel or unwind the offering.

That dependency matters now because the market conditions were unusually favorable for such products. SpaceX’s IPO drew massive interest, and reports said it was more than four times oversubscribed. Yet even with demand concentrated around a single, widely watched listing, crypto platforms were still unable to convert subscriptions into allocations.

For investors and traders, the practical takeaway is that tokenized IPO participation should be viewed as an execution-sensitive service—not only a market product. Users should watch for clarity around allocation guarantees, the identity of the upstream allocation provider, and how refunds are handled when delivery fails.

Going forward, the key question is whether platforms and allocation intermediaries can align incentives and operational readiness ahead of the next major high-profile IPO. Until then, users should expect that tokenized IPO offerings may carry additional counterparty and process risk—especially when demand is at the level seen during SpaceX’s public launch.

The government told Anthropic it had become aware of a method to bypass, or jailbreak, Fable 5. Anthropic reviewed the technique and said what it saw was narrow, not a universal jailbreak, and involved identifying a small number of previously known, minor vulnerabilities. It said other publicly available models, including OpenAI’s GPT-5.5, can find the same vulnerabilities without any bypass at all.

The company said the government has so far provided only verbal evidence of a potential narrow jailbreak, which it described as essentially asking the model to read a codebase and fix software flaws, a task defenders use every day.

It said applying this standard across the industry “would essentially halt all new model deployments for all frontier model providers.”

Anthropic built its entire brand around safety-first AI development, and it is now publicly disputing a national security directive on the grounds that the government’s evidence does not clear its own stated bar.

The company will share more details about the specific jailbreak within 24 hours.

The crypto market is now pricing the shutdown as a negative for the IPO case, and the Anthropic perp’s drop from its post-launch highs reflects that. The first question for the company’s public listing ambitions is whether the government’s order gets reversed, narrowed, or extended to other model classes once Anthropic publishes its technical rebuttal.

Many are assumed to belong to Bitcoin’s pseudonymous creator Satoshi Nakamoto and other owners who lost their keys, which means they can never be moved to safety. Another 5 million or so are exposed through address reuse, according to Project11, a research group tracking the issue, though most of those are thought to be active holdings in exchange wallets.

Swapping in quantum-resistant signatures is the easy part, but the fight is over the coins nobody moves. One camp argues for a hard deadline, after which the signature schemes Bitcoin uses today, ECDSA and Schnorr, stop being accepted and any unmigrated coins become unspendable. Leaving them live, this side says, hands a future attacker, potentially a sanctioned state like North Korea, a stash of bitcoin large enough to crash the price and taint the network’s legitimacy.

The other camp calls that confiscation, a violation of the absolute property rights Bitcoin was built on, and warns it sets a precedent for freezing coins under government pressure later.

Between them sit the several proposals CoinDesk has tracked over the past two months.

Hourglass would cap how many vulnerable coins can be spent per block to prevent a supply flood. BIP-361, from developer Jameson Lopp and others, would let migrated holders prove ownership after the cutoff with a quantum-resistant proof that exposes no key. PACTs, from Paradigm’s Dan Robinson, would let owners timestamp a private claim now and move funds later without revealing anything today.

CoreWeave and Nebius have secured places in the Nasdaq 100 after Nasdaq announced that both companies will be added to the index before trading begins on June 22.

According to Nasdaq’s quarterly index rebalance announcement, CoreWeave and Nebius will join the Nasdaq 100 alongside Astera Labs, Rocket Lab, and Teradyne.

Investors welcomed the news, sending CoreWeave shares up about 7.3% to roughly $102 and lifting Nebius shares about 6.3% to around $233 in Friday trading.

Hong Kong has priced its largest-ever digital bond sale at around HK$12 billion (approximately $1.5 billion), extending the city’s push to bring traditional fixed-income markets onto blockchain-based infrastructure.

The Hong Kong Mortgage Corporation (HKMC) said on June 11 that it had completed pricing for the inaugural public digital bond issuance under its $30 billion Medium Term Note Programme. Bookbuilding and pricing were finalized in Hong Kong on June 10 following investor roadshows and pre-marketing activities.

According to HKMC, the transaction consists of three tranches, including a HK$6 billion two-year bond, a HK$2.5 billion five-year bond, and a three-year bond worth RMB3 billion.

Investor demand reached about HK$24 billion equivalent at its peak, with orders coming from more than 100 accounts. HKMC said participants included local investors, Southbound Bond Connect investors, and international institutions such as central banks, multilateral development banks, insurers, private banks, commercial banks, and asset managers.

The issuance surpasses previous tokenized bond transactions completed in Hong Kong and, according to HKMC, is the largest digital bond sale completed globally so far.

Hong Kong expands tokenized bond market

Built using distributed ledger technology, the bonds were issued natively on a blockchain platform operated by Hong Kong’s Central Moneymarkets Unit, which also handled settlement and custody functions.

Beyond the size of the deal, HKMC said the issuance reduced the settlement cycle from five business days to three. Investors were able to access the bonds through existing Central Moneymarkets Unit infrastructure and linked accounts with Euroclear and Clearstream.

Among the three tranches, the five-year Hong Kong dollar bond establishes a new maturity record for a digital bond denominated in Hong Kong dollars, according to the corporation.

Lee Wai Man, deputy chief executive of the Hong Kong Monetary Authority and executive director of HKMC, said the transaction demonstrates support for the Hong Kong government’s strategy of strengthening the city’s role as an international fixed-income and financial center. Lee said the issuance could encourage more issuers, investors, intermediaries, and market participants to adopt tokenized fixed-income products.

HKMC chief executive Raymond Li said strong investor participation during the marketing process helped the institution complete pricing successfully and showed rising interest from both underwriters and investors entering the digital bond market.

Recent developments indicate that Hong Kong is continuing to build infrastructure around tokenized debt markets. Earlier this month, the Hong Kong Monetary Authority announced the formation of a tokenized bond expert group that includes institutions such as JPMorgan Securities, HSBC, Standard Chartered, UBS, Ant Digital, and HashKey Group.

According to the HKMA, the group is examining market practices, regulatory considerations, and infrastructure requirements that could support wider use of tokenized bonds across the financial system.

Government-backed issuance has already played a key role in Hong Kong’s tokenization efforts. Authorities issued HK$800 million of tokenized green bonds in 2023, followed by a HK$6 billion multi-currency digital green bond sale in 2024 that Hong Kong officials previously described as the largest digital bond issuance at the time.

The latest HKMC transaction also arrives one day after South Korea’s KB Kookmin Bank announced a $100 million blockchain-based digital bond sale in Hong Kong. Kookmin Bank said blockchain technology was used throughout issuance, registration, trading, and settlement, reducing settlement times from five business days to three and highlighting growing institutional use of tokenized debt instruments across Asia.

Strategy also sold about 800,000 shares for $128 million through its at-the-market program in the same week. If the bitcoin sale did not matter, traders were left asking why it needed to happen at all.

One possible answer is the S&P 500.

Strategy met the technical requirements for index inclusion in September 2025 but was passed over. Some market commentators have argued that the company’s refusal to sell bitcoin could make it look more like an investment vehicle than a treasury company, which would hurt its chances. Selling a small amount of bitcoin may help Strategy show it can use BTC as a corporate treasury asset, not just hold it forever.

The market reaction was real, however, as bitcoin was already trading into weak risk appetite. Iran tensions had pushed oil higher and revived higher-for-longer rate worries. Tech stocks were under pressure. Bitcoin traded more like a high-beta Nasdaq proxy than an independent store-of-value trade.

But the rebound came from the same macro channel.

President Donald Trump said the U.S. had effectively ended the war with Iran, while officials pointed to progress toward a signed accord. Brent crude fell toward $85. Stocks rallied. SpaceX listed on Nasdaq on Friday and closed at $161, up 19% from its $135 offer price, giving risk traders another reason to step back in.

Solana price has rebounded more than 10% from its June low after a 36% correction from its May peak, with a giant falling wedge now putting the January high back on traders’ radar.

According to data from crypto.news, Solana (SOL) price was trading near $67 on June 12 after rebounding more than 10% from its June 6 low around $61.

SOL’s price recovery follows a steep decline that saw the token plunge roughly 36% from its May high near $96 to its recent bottom, as heavy liquidations, whale selling, and a broader cryptocurrency market sell-off weighed on sentiment.

Data from major exchanges showed retail traders entered June with a strong bullish bias, leaving the market vulnerable when SOL broke below the former support zone around $76. The breakdown triggered more than $89 million in long liquidations, accelerating losses as leveraged positions were forced to close.

Large holders added to the pressure by reducing exposure during the decline. At the same time, weakening decentralized application revenues and softer network activity contributed to the selling pressure, according to market observers.

A falling wedge points to a possible recovery path

The daily chart shows Solana is trading within a large falling wedge that has been developing since its January peak near $145. The pattern formed through a series of lower highs and lower lows, with converging trendlines compressing price action over several months.

Technical analysts generally view falling wedges as bullish reversal structures when price begins stabilizing near the lower boundary. Solana recently found support around the $60 to $62 region, where buyers stepped in after the liquidation-driven decline.

While the daily trend remains under pressure, the first major hurdle sits near $76. That level previously acted as support before the June breakdown and now represents a significant resistance area. A successful recovery above that zone would place attention back on the upper boundary of the wedge and eventually the January high.

Momentum indicators show early signs of improvement. The daily RSI has recovered from oversold territory, while downside momentum on the MACD has started to ease after weeks of persistent selling.

Short-term breakout signals emerge near $68

On the four-hour chart, Solana has formed an ascending triangle beneath resistance around $68. The structure developed after the June low as buyers continued defending higher lows while sellers repeatedly capped advances near the same price level.

Liquidation data from CoinGlass adds another layer to the setup. The platform’s weekly liquidation heatmap shows the largest concentration of short-side liquidity sitting around the $68 area, directly above current price levels.

If buyers force a breakout through that resistance, the resulting short liquidations could accelerate upside momentum toward the next liquidity cluster near $70. The measured move from the ascending triangle also projects a target close to $76, aligning with the former support zone that failed earlier this month.

However, not all analysts are convinced the rebound has developed into a full trend reversal. Commenting on the recent price action, MCO Global said on X that Solana is still testing support and has yet to produce a bullish confirmation signal. The analyst noted that the larger decline remains the preferred outlook unless SOL breaks above $72.57.

“Bullish reversal requires a 5-wave advance and a break above $72.57. The chart hasn’t shown that yet. Until it does, this is just support being tested.”

Bitcoin’s recent weakness continues to influence the altcoin market, including SOL, after the largest crypto suffered its sharpest weekly decline since the FTX collapse. Market sentiment also remains tied to U.S. economic data after May nonfarm payrolls increased by 172,000, exceeding expectations of 85,000 and reducing expectations for Federal Reserve rate cuts.

For now, Solana’s recovery attempt depends on whether buyers can clear the $68 resistance zone. A breakout could open the door to $70 and potentially $76, while failure at current levels may leave the $60 support area exposed once again.

Anthropic has suspended access to its newly released Fable 5 and Mythos 5 AI models after receiving a U.S. government export control directive, citing national security concerns. The company disabled the models for all users immediately to comply with the order, while saying its other offerings—including Opus 4.8—remain available.

In a statement posted Friday, Anthropic said the directive arrived at 5:21 pm ET and instructed it to suspend “all access” to Fable 5 and Mythos 5 for any foreign national, whether inside or outside the United States. This restriction reportedly includes foreign national Anthropic employees, and the company said it took broad action to ensure compliance.

Key takeaways

• Anthropic suspended access to Fable 5 and Mythos 5 immediately after receiving a U.S. government export control directive.
• The order reportedly targets access by foreign nationals, including Anthropic employees who are foreign nationals.
• Other Anthropic models, such as Opus 4.8, are not affected according to the company.
• Anthropic said authorities raised concerns about a potential “jailbreak” method that could bypass safeguards on Fable 5.
• The firm described the government’s evidence as “verbal” and suggested the issue involves a narrow, non-universal jailbreak rather than a broad one.

Export control directive triggers immediate model shutdown

Anthropic’s action follows an abrupt interruption to access for the public. According to the company, it received the directive late Friday and was told to suspend access to Fable 5 and Mythos 5 by any foreign national. To meet the requirement without exception, Anthropic said it removed access for all users rather than attempting to segment access by nationality.

The company framed the move as a straightforward compliance step: it is “removing access to Fable 5 and Mythos 5 for all users” to comply with the government’s legal directive.

Why Anthropic says the concern is limited

While Anthropic did not provide specific details about the alleged threat, it said it believes the government is concerned about a possible jailbreak technique capable of bypassing safeguards built into Fable 5.

In its statement, Anthropic noted that, to date, the government has provided only verbal evidence of a potential “narrow, non-universal jailbreak.” The company described this as essentially asking the model to read a specific codebase and fix software flaws—an approach it argued is materially different from a “universal jailbreak,” which would broadly undermine protections across scenarios.

Anthropic also pushed back on the severity of the response implied by the order. The firm said it “disagree[s]” that a narrow potential jailbreak should lead to the recall of a commercial model deployed at large scale. It added that applying that standard across the industry would effectively stop new frontier model deployments for all providers.

Recent release raises questions for AI users and operators

Anthropic’s suspension comes only days after it released both Fable 5 and Mythos 5. The releases were notable not just for their capabilities, but for the underlying context around Mythos Preview, which Anthropic previously said had helped uncover thousands of vulnerabilities in critical software.

Earlier coverage around these releases highlighted the scale and intensity of the safety research and testing that can surround frontier model rollouts—particularly when models are capable of complex reasoning and code-related tasks. In that setting, the sudden reversal underscores how quickly external compliance actions can override product continuity.

Anthropic also indicated that it believes the government order is the result of a misunderstanding and that it is working to restore access for users “as soon as possible.” For model users—especially those outside the U.S.—the key near-term issue is whether access can return in a way that matches the directive’s scope without requiring a full shutdown.

What to watch next

Until Anthropic receives clearer guidance or the government narrows the directive’s implementation, users should expect continuing uncertainty around when Fable 5 and Mythos 5 will be available again and under what geographic or eligibility conditions. Investors and builders in the AI sector will likely watch closely for how regulators distinguish between narrow jailbreak techniques and broader safeguard failures—and whether the incident prompts tighter deployment controls across the industry.

Bybit is recognized in the first Fortune Crypto 100 for its role in the global digital asset ecosystem.

Bybit today announced its inclusion in the inaugural Fortune Crypto 100, a ranking recognizing the most influential companies and protocols shaping the future of the global digital asset ecosystem.

The Fortune Crypto 100 recognizes organizations driving innovation, building critical market infrastructure, and expanding the role of digital assets in the broader financial system. Bybit was recognized in the CeFi category, which includes crypto-first companies such as exchanges, lenders, and custodians that facilitate the trading, custody, and movement of digital assets. The ranking brings together both crypto-native leaders and established financial institutions, reflecting the growing role of digital assets within global finance and the increasing importance of blockchain-based infrastructure in capital markets.

According to Ben Zhou, Co-founder and CEO of Bybit, the recognition reflects the trust users place in the company and the dedication the team is putting into building crypto’s infrastructure, products, and standards.

The recognition comes as Bybit continues to expand its role beyond a cryptocurrency exchange. Over the past year, the company has advanced its vision of becoming The New Financial Platform, bringing together digital assets, traditional finance, payments, tokenized investments, AI-powered tools, and web3 services into a unified ecosystem.

Bybit has expanded its regulated presence across key markets, including securing the UAE Virtual Asset Platform Operator License, advancing its European operations under MiCAR, and working closely with regulators and policymakers globally to support the responsible development of the digital asset industry.

Bybit currently serves more than 80 million users worldwide and continues to expand access to financial opportunities through innovation. Recent initiatives include the growth of tokenized asset offerings, the launch of Bybit IPO Express, expanded access to tokenized equities through xStocks, AI-powered trading and research tools, and continued investments in institutional-grade infrastructure.

One person familiar with the matter told CoinDesk that xStocks and its distribution partners gathered more than $1 billion in customer orders. But when underwriters finalized allocations, many of those requests went unfilled.

Binance, Bybit and Bitget received no shares and canceled their offerings. Meanwhile, customers of Kraken and xStocks received only a fraction of the allocations they requested.

The shortfall wasn’t limited to crypto platforms, though. Data compiled by Access IPOs showed some retail investors at traditional brokerages received only a portion of the shares they had sought.

An xStocks spokesperson said “overwhelming demand” prevented all orders from being fulfilled and that funds tied to unfilled subscriptions had been returned.

The firm’s tokenized SpaceX stock, trading under the ticker SPCXx, still launched after the IPO. About $24 million worth of the tokenized shares were circulating onchain at publication time, according to Arkham data. Ondo Finance and Dinari, which did not offer pre-IPO access, also launched tokenized SpaceX products following the company’s market debut.

Lesson for tokenized asset

The episode underscores a key lesson for tokenized assets. Creating a token is easy; securing the real asset behind it is the crucial part.

“What appears to have gone wrong… is that demand significantly exceeded the available supply of underlying shares,” a spokesperson for tokenization platform Dinari said. “If the underlying stock cannot be sourced, allocated and held within the necessary regulatory framework, there is ultimately no asset to tokenize.”