SpaceX IPO Stress Tests Crypto’s Bid to Reinvent Stocks (2)

For years, crypto firms have argued that blockchain technology could create markets for private companies long before they reach Wall Street. SpaceX provided the industry’s biggest test yet. The results were mixed.

Ahead of the largest IPO in history, perpetual futures tied to Elon Musk’s rocket company gave traders a live – and ultimately accurate — gauge of investor sentiment days before the Nasdaq opened, largely converging on where the stock would ultimately trade. But attempts to sell tokenized SpaceX shares themselves stumbled after several exchanges failed to secure enough stock to satisfy overwhelming demand, forcing refunds instead.

The episode ...