Tom Farley(@ThomasFarley):It turns out these synthetic tokens were also not authentic shares of SpaceX. This is ridiculous. Just require that if for someone to say they are offering token shares, either they are actual shares issued as tokens by the issuers themselves or the knuckleheads issuing the tokens have filed with the SEC or comparable to offer a derivative. It’s not that hard.

2026.06.13 02:50

It turns out these synthetic tokens were also not authentic shares of SpaceX. This is ridiculous. Just require that if for someone to say they are offering token shares, either they are actual shares issued as tokens by the issuers themselves or the knuckleheads issuing the tokens have filed with the SEC or comparable to offer a derivative. It’s not that hard.

VietnamPenguin@VietnamPenguin

2026.06.12 16:26

If you're wondering what happened to Solana @PreStocks SpaceX, they got absolutely crushed and are now trading around ~$112 (after 5:1 split), implying a ~40% discount to the underlying shares. Turns out there's a 180-day lockup before preStocks can be converted into real shares (I suspect very few people were aware of this). So holders have two choices: dump into a thin-liquidity market at a steep discount today, or wait 180 days and convert at full value. Looks like many crypto degens are choosing the former. Interestingly, this issue doesn't exist (and couldn't exist) in the $SPCX perp market. Pre-IPO markets only make sense to trade via perps. Hyperliquid.