SpaceX Joins Public Bitcoin Leaderboard With 18,712 BTC

Elon Musk’s SpaceX made its highly anticipated debut on the Nasdaq today under the ticker SPCX, and it certainly made a splash. The company revealed that it holds 18,712 BTC, making it the 8th largest holder on the public Bitcoin treasury leaderboard. This position was first disclosed in SpaceX’s S-1 filing with the Securities and Exchange Commission back in May, valued at approximately $1.29 billion at the time. The total cost basis for the Bitcoin holdings was reported at $661 million, with an average acquisition price of around $35,324 per coin.

The revelation of SpaceX’s significant Bitcoin holdings came as a surprise to many in the market. Previous estimates had pegged the company’s holdings much lower, but the confirmed figure of 18,712 BTC exceeded those expectations. This disclosure marked the second-largest Bitcoin treasury reveal of May, with SpaceX accounting for more than one-third of all public treasury growth before sales.

BitcoinTreasuries.net had predicted that SpaceX would rank among the top ten publicly traded Bitcoin treasuries after its IPO, a forecast that has now come to fruition. The live leaderboard, updated as of June 11, shows SpaceX at rank #8, just behind Strive and ahead of Coinbase Global in terms of Bitcoin holdings.

In addition to its Bitcoin holdings, SpaceX’s IPO itself was historic. The company priced its shares at $135 on June 11, raising approximately $75 billion and valuing the company at around $1.75 trillion. Reports now suggest that the stock could debut at $171 or $155 per share, potentially pushing SpaceX’s valuation to $2.2 trillion and making Elon Musk the world’s first trillionaire.

Led by Goldman Sachs and Morgan Stanley, SpaceX’s IPO ranks as one of the largest stock market debuts in U.S. history, surpassing Saudi Aramco’s $29 billion IPO in 2019. The timing of SpaceX’s entry into the public crypto arena is significant amidst market volatility, with Bitcoin experiencing a significant dip from its all-time high.

Despite market fluctuations, SpaceX’s Bitcoin holdings are seen as a long-term investment rather than a short-term trading strategy. The company stated in its S-1 filing that it has ownership and control over its digital assets, including Bitcoin, and utilizes third-party custodians for safekeeping.

Analysts at Grayscale predict that SpaceX is on track to become the most valuable public company holding Bitcoin by market capitalization, even surpassing Strategy, which currently holds over 843,000 BTC. Overall, SpaceX’s foray into the public markets and its significant Bitcoin holdings have captured the attention of investors and crypto enthusiasts alike.