Kraken's xStocks platform has opened non-binding interest registration for the Bending Spoons initial public offering to eligible customers in the European Economic Area and select global markets. This marks the tokenized equities infrastructure's second pre-IPO offering, following a troubled SpaceX debut that drew scrutiny.
Bending Spoons, an Italian app development company known for portfolio titles like Evernote, has not yet set a firm IPO valuation or date. The registration window allows investors to express early interest without a commitment, as the firm tests demand ahead of a potential public listing.
Kraken's move extends its push into tokenized real-world assets, leveraging blockchain rails to offer fractional pre-IPO exposure. The SpaceX debut faced delays and regulatory friction, casting a shadow over the platform's reliability for high-profile offerings.
Market watchers are divided on whether tokenized pre-IPO products will gain meaningful traction among retail investors, given the lack of liquidity guarantees and the complexity of secondary trading. The Bending Spoons offering will test whether Kraken can overcome the operational hurdles that plagued its earlier effort.