FAQ — IPO Express

What is IPO Express?

IPO Express is Bybit's IPO subscription platform, allowing eligible users to participate in selected IPO (Initial Public Offering) opportunities using digital assets, without the need to open a traditional brokerage account. Once the IPO goes live, users who receive an allocation will receive tokenized shares (xStocks tokens) in their Funding Account and can trade them immediately on Bybit Spot.

What are xStocks?

Launched by Backed in May 2025, xStocks are tokenized representations of real-world U.S. stocks and ETFs, such as Apple, Tesla, and the SPDR S&P 500 ETF. Each xStocks token is backed 1:1 by the corresponding underlying asset and can be traded on Bybit Spot just like any other cryptocurrency.

Please note that holding xStocks does not grant direct ownership of the underlying stock or ETF. xStocks holders do not receive shareholder rights, such as voting rights, and are not entitled to dividends from the underlying asset.

What are the benefits of IPO Express?

1. Access selected IPO opportunities before public trading begins
2. Subscribe using USDC and other supported crypto assets
3. Participate without opening a traditional brokerage account
4. Trade your allocated xStocks directly on Bybit Spot after listing

Who is eligible to use IPO Express?

Eligibility requirements may vary by project. For example, some IPO opportunities may be available exclusively to VIP or Pro users. Please refer to the IPO Express page for the specific eligibility criteria of the project you are interested in.

To be eligible, you must meet the following requirements:

1. Complete Standard Individual Identity Verification or Business Verification.
2. Participate using your Main Account. Subaccounts are not eligible.
3. Reside in a supported jurisdiction. Users located in restricted regions, including certain EEA jurisdictions, are not eligible to participate.

You may still be able to access the IPO Express page even if you do not meet the eligibility requirements. However, if you attempt to register for a project and are not eligible due to your VIP level or place of residence, an error message will be displayed during registration. For VIP-exclusive projects, you may become eligible by meeting the applicable VIP requirements.

What asset do I use to subscribe?

The supported subscription assets vary by IPO offering. Please refer to the IPO Express page for the accepted subscription assets for each IPO. To avoid missing a subscription opportunity, please ensure that you have a sufficient balance in your Funding Account before the subscription window opens.

How does IPO Express work?

IPO Express uses a subscription-based allocation model. During the subscription period, users commit funds to participate in an IPO offering. Once the subscription period ends, allocations are determined based on overall demand.

The whole process consists of four stages:

1. Registration: Visit the IPO Express page and select an available offering. Review the offering details and register your interest. No funds are required or committed at this stage.
2. Subscription: During the subscription period, commit your desired subscription amount using the supported assets for the offering, such as USDC. Once your subscription is submitted, the corresponding funds will be frozen in your Funding Account until the allocation process is completed.
3. Allocation: The underwriter determines the final IPO price (for offerings where the price is not predetermined during the subscription period) and allocation results. Bybit then calculates each user's allocation on a pro-rata basis according to their committed subscription amount relative to total subscription demand.
4. Distribution and refund: Any allocated xStocks tokens will be credited to your Funding Account, while any unused funds will be automatically refunded. Once trading begins, you can trade your allocated tokens on Bybit Spot.

Can I cancel my subscription after submitting?

No, once a subscription is submitted, it cannot be cancelled. Your subscribed funds will remain frozen in your Funding Account until the final allocation process is completed. Any unused funds will be automatically returned to your Funding Account.

Why are my funds frozen after I subscribe?

Your subscription funds are frozen to secure your subscription amount during the IPO allocation process. While your funds are frozen, they cannot be traded, transferred, or withdrawn. Once the allocation process is completed, only the amount required for your final allocation will be deducted. Any unused funds will be automatically unfrozen and returned to your Funding Account.

Is the IPO subscription price fixed?

The subscription price varies by project. The indicative price is an estimate only and is not the final offering price. The final price will be determined by the issuer and underwriters after the bookbuilding process and may differ from the indicative price shown.

If the offer price has not been predetermined, the subscription will be quoted as a price range. The final price is set by the issuer and underwriters based on order book demand, market conditions, and valuation considerations — using a book-building methodology.

If the final subscription price is no more than twenty percent (20%) above the indicative subscription price, you authorize the Platform to automatically subscribe for your allocated Shares at the final subscription price without further confirmation.

If the final subscription price exceeds twenty percent (20%) above the indicative subscription price, you must re-confirm your subscription at the final subscription price within the timeframe specified by the Platform.

You are responsible for returning to the Platform after the subscription period closes to review the final subscription price. Failure to provide the required re-confirmation within the prescribed timeframe will result in the automatic cancellation of your subscription order.

Note: The xStocks IPO subscription process is not equivalent to participation in a regulated securities offering and does not carry the same investor protections as a traditional equity IPO. Bybit has no control over and makes no representation as to the final IPO offering price, which is determined solely by the issuer and underwriter(s). The final offer price may, in exceptional circumstances, fall outside the indicative price range.

Is there a minimum or maximum subscription amount per order?

Yes, each IPO has a minimum subscription amount per order, which is displayed in the subscription window.

There is no maximum per individual order; however, two (2) cumulative limits apply across all orders placed for the same IPO:

1. Order count limit — you may place a maximum of fifty (50) orders per IPO. Once this limit is reached, no further orders can be submitted, even if you have not yet reached your cumulative cap.
2. Cumulative subscription cap — your total subscribed amount across all orders cannot exceed the maximum cap for your VIP/Pro tier.

Whichever is reached first will prevent further subscriptions. You can check your eligible subscription amount and remaining balance on the subscription window.

Bybit reserves the right to adjust the minimum subscription amount and per-tier cumulative subscription caps for any IPO offering at any time prior to or during the subscription period. Any such adjustment will not apply retroactively to subscription orders already placed.

Can I subscribe multiple times?

Yes, you may place multiple subscription orders for the same IPO, subject to the following limits:

1. A maximum of fifty (50) orders per IPO
2. Your cumulative subscription cap for your VIP/Pro tier

Each subscription order is irrevocable once submitted and cannot be cancelled. Please ensure you have reviewed all applicable terms, eligibility requirements, and risk disclosures before placing each order.

What is the Underwriting Fee?

The underwriting fee is a fee charged by the underwriter(s) responsible for managing this offering. It is typically calculated as a percentage of the IPO offering price and is intended to cover underwriting, allocation, distribution, and other related services provided in connection with the offering.

This fee is payable by subscription participants as part of their total subscription cost, in addition to the IPO offering price per share. Bybit does not charge, retain, or receive any portion of the underwriting fee. The full amount of the underwriting fee is remitted directly to the underwriter(s).

The IPO offering is open to VIP users. Can I participate if my VIP status was obtained through a VIP Trial Card?

Yes. Users who obtained VIP status via a VIP Trial Card are eligible to subscribe to the event while the trial card validity is still active.

If the VIP Trial Card expires during the event:

1. Any subscriptions already placed will not be affected, locked funds remain valid and will be included in the allocation calculation.
2. However, the remaining subscription cap will drop to 0 immediately upon losing VIP status even if you had unused cap remaining.

Example: If you hold VIP 1 via a VIP Trial Card with a subscription cap of 10,000 USDC and subscribe 8,000 USDC before your trial expires.The 8,000 USDC subscription remains locked and valid after expiry. Your remaining cap, however, becomes 0 USDC and no further subscriptions can be placed.

How is my token allocation calculated?

The total platform token allocation, and allocation rules are subject to final confirmation by the underwriter. Bybit does not guarantee any particular allocation, offering price, or total supply. The final terms are determined solely by the underwriter and are outside Bybit’s control. Bybit’s role is limited to facilitating the subscription process on behalf of users.

What if the IPO is oversubscribed?

If total subscriptions exceed the available token supply, each user will receive a proportional allocation based on their subscription amount. As a result, you may receive fewer tokens than expected. Any funds not used for your final allocation will be automatically returned to your Funding Account after settlement.

Is my allocation guaranteed?

No, allocation is not guaranteed. The final IPO offering price, total token supply, and allocation methodology are determined by the underwriter and/or issuer. Depending on demand and allocation results, you may receive fewer tokens than expected or no allocation at all. Participation in an IPO does not guarantee any allocation, profit, or investment return.

When will I receive my tokens?

Allocated tokens are typically credited to your Funding Account during the Token Distribution stage. Once the allocation and settlement process is completed, any allocated xStocks tokens will be distributed automatically, and any unused funds will be returned to your Funding Account. If there is a delay in the distribution process, updates will be communicated through the IPO Express page.

When can I trade my tokens?

Allocated xStocks tokens can be traded once trading for the token becomes available on Bybit. The listing time may vary by IPO offering. Users will be notified when trading goes live.

When can I withdraw my tokens?

Token withdrawals are typically enabled after the corresponding xStocks token has been listed for Spot trading on Bybit. The withdrawal opening time may vary by IPO offering. Please refer to the IPO Express page for the latest schedule and updates.

What if token distribution is delayed?

If token distribution is delayed, updates will be communicated through the IPO Express page. Please refer to the IPO Express page for the latest information. If you require further assistance, please contact Bybit Support.

Cancellation & Edge Cases

If an IPO is cancelled by the issuer, underwriter, or Bybit, all subscriptions for that offering will be cancelled.

Any funds that were frozen for the subscription will be automatically returned to your Funding Account in full. No fees will be charged, and no subscription funds will be deducted.

Risks & Important Notes

Please review the following information before participating in an IPO subscription:

1. No shareholder rights — Holding xStocks tokens does not grant ownership rights in the underlying asset, including voting rights or dividend entitlements.
2. Funds will be frozen during the subscription process. Once a subscription is submitted, it cannot be cancelled. The subscribed funds will remain unavailable until settlement is completed.
3. Allocation is not guaranteed — Depending on total demand and the final allocation methodology, you may receive a partial allocation or no allocation at all.
4. Returns are not guaranteed — The price of an xStocks token may rise or fall after listing. IPO investments involve market risk, and losses may occur.
5. Eligibility restrictions apply — Users located in restricted jurisdictions, including applicable EEA jurisdictions and other restricted regions, are not eligible to participate.
6. Platform rights reserved — Bybit reserves the right to amend, suspend, cancel, or terminate any IPO offering and to disqualify participants involved in abusive, fraudulent, or other prohibited activities.