Bybit Drops $20 SpaceX-Linked Airdrop As Tokenized Private Equity Gains Ground

Bybit has launched a promotional campaign offering new users a $20 position in SPCX, a tokenized product designed to track the valuation of the private aerospace company SpaceX. This initiative marks a shift in exchange marketing, moving from generic stablecoin rewards to themed, synthetic equity-linked assets. Bybit intends to expand this suite with more complex derivatives and structured products tied to SpaceX, effectively creating a synthetic secondary market for shares that are typically restricted to elite investors. While the move aims to democratize access to private equity, it highlights significant concerns regarding collateralization transparency and counterparty risk. The lack of clarity on whether SPCX is backed by physical shares or a perpetual swap model poses potential risks for retail participants. Furthermore, the offering places Bybit in a precarious regulatory position, as the SEC has historically scrutinized exchange-issued tokens that function as unregistered securities. This development reflects a broader trend in the RWA sector, where centralized exchanges are evolving into alternative brokerages for traditionally illiquid assets. The success of this product could trigger a wave of copycat launches across offshore exchanges, further blurring the lines between traditional securities and digital assets.