Too much hype. The crypto world subscribed $1.2 billion for SpaceX, but the actual value of real shares received was only in the tens of millions—most of it got refunded, with Kraken being relatively 'sunny and transparent.' This incident highlights the huge gap between the narrative of stock tokenization and reality. The demand for U.S. stocks in the crypto space is real and significant. But the supply side is tightly controlled, leaving exchanges struggling without resources—telling a story is easy, but actually securing the goods depends on Wall Street's mood.