Underwriters still own the scarce asset: allocation. Kraken’s own IPO xStocks terms leave room for pro-rata, lottery, or capped fills, so oversubscribed deals can still hand retail a tiny stub while the token rail makes whatever they do get portable across Solana/Ethereum/TON. If xStocks’ claimed $30B+ transaction volume starts feeding money markets, the first-day IPO pop becomes collateral and perp basis, with legal voting/dividend/redemption rights still sitting off-token.

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