Grayscale: SpaceX Expected to Become Largest Public Company Holding Bitcoin

SpaceX IPO Could Reshape Corporate Bitcoin Rankings

Crypto plus manager Grayscale Investments said successful a blog station connected May 26 that Elon Musk’s SpaceX is poised to go the astir invaluable nationalist institution holding BTC, aft its expected initial nationalist offering (IPO) successful June. Michael Saylor’s Strategy would apt stay the largest public-company bitcoin holder by BTC amount. SpaceX owns 18,712 BTC, based connected its registration connection (S-1 filing) with the U.S. Securities and Exchange Commission (SEC).

Grayscale Head of Research Zach Pandl divided firm bitcoin holders into 2 categories. Digital plus treasuries (DATs) chiefly beryllium to supply investors with BTC vulnerability done nationalist markets. Strategy is the largest DAT, presently holding 843,738 BTC. Diversified businesses, by contrast, clasp bitcoin alongside operating businesses arsenic portion of broader treasury management. Musk’s SpaceX and Tesla autumn into that category, with Tesla ranking 12th among public-company holders astatine 11,509 BTC. Pandl wrote:

“SpaceX is expected to beryllium the largest nationalist institution holding bitcoin.”

The favoritism separates companies that chiefly relation arsenic bitcoin concern vehicles from operating businesses that clasp BTC alongside halfway commercialized activities. Treasury-focused firms see Strategy with 843,738 BTC, Twenty One Capital with 43,514 BTC, Metaplanet Inc. with 40,177 BTC, MARA Holdings Inc. with 35,303 BTC, Bitcoin Standard Treasury Company with 30,021 BTC, and Bullish with 24,300 BTC. SpaceX aligns much intimately with diversified operating companies specified arsenic Tesla, which holds 11,509 BTC, and Block with 9,032 BTC, portion Coinbase holds 16,492 BTC arsenic portion of its broader crypto concern operations.

Public Bitcoin Treasury Market Faces New SpaceX Benchmark

SpaceX’s S-1 filing lists bitcoin nether “Digital Assets” and shows unchanged holdings twelvemonth implicit year. The institution held 18,712 BTC. Fair worth fell to $1.637 cardinal from $1.749 billion, portion outgo ground stayed astatine $661 million. SpaceX besides disclosed: “The institution has ownership of and power implicit its integer assets, which dwell of bitcoin, and utilizes, and expects to proceed to utilize, third-party custodians to clasp its bitcoin.”

SpaceX’s bitcoin holdings. Source: SpaceX’s S-1 filing with the SEC.

Ahead of its expected IPO, prediction marketplace data connected Polymarket spot the highest probability connected SpaceX debuting with a valuation betwixt $2 trillion and $2.5 trillion. That scope carried astir 40% odds, up of the $1.5 trillion to $2 trillion scope astatine 26% and the $2.5 trillion to $3 trillion scope astatine 24%. Those estimates underpin Grayscale’s presumption that SpaceX could go the astir invaluable nationalist institution holding BTC aft its IPO.

Corporate bitcoin treasury strategies could gully greater capitalist attraction arsenic much operating businesses participate nationalist BTC holder rankings alongside dedicated treasury firms. Grayscale’s caput of probe added:

“We judge that the fig of diversified businesses holding BTC volition summation implicit time, adjacent if we spot the fig of DATs declining. Altogether, these dynamics could bolster request for BTC—and underpin the worth of BTC implicit time.”