SpaceX becomes world’s largest diversified Bitcoin holder after IPO

• SpaceX Becomes Largest Diversified Bitcoin Holder With 18,712 Bitcoin After NASDAQ Listing
• SpaceX is still not a treasury company like Strategy
• Grayscale expects more companies to add Bitcoin to their balance sheets as a hedge

Elon Musk’s SpaceX could become the largest publicly traded diversified company with Bitcoin holdings following its planned June IPO, Grayscale Research estimates. Zach Pandl, head of research at Grayscale, points to the current S-1 filing: 18,712 Bitcoin, worth around $1.4 billion, making SpaceX the eighth-largest known corporate holder of Bitcoin in the world. Measured in terms of absolute coin volume, Strategy remains clearly number one.

Two categories, one crucial difference

Grayscale distinguishes between two types of corporate holders: pure-play Bitcoin treasuries like Strategy, which primarily sell Bitcoin exposure to equity investors, and diversified companies like Tesla, Coinbase and Block, where Bitcoin is part of a broader capital strategy. SpaceX clearly falls into the second group. With around 850,000 Bitcoin, Strategy holds a holding worth almost 65 billion US dollars and undisputedly dominates the field of Bitcoin Treasuries in terms of coin quantity. But the measure that puts SpaceX at the top of the diversified holders after the IPO is different: the market capitalization of the entire company.

Just a side note or a strategic signal?

With an expected valuation of around $1.75 trillion after the IPO, SpaceX’s Bitcoin holdings only account for around 0.1 percent of its market capitalization. Grayscale therefore clearly places the company in the category of diversified holders, not alongside the dedicated Bitcoin treasury companies. This creates a new vehicle for investors looking for Bitcoin exposure without concentrated crypto risk. The fact that the position remains a marginal position is intentional, not weakness.

Trend towards more corporate Bitcoin

Grayscale expects more diversified companies to add Bitcoin to their balance sheets as part of their capital strategy and as a hedge against loss of purchasing power. SpaceX and Tesla, which also holds over 11,500 Bitcoin, are considered comparatively early corporate adopters. Pandl believes that other companies could follow in the coming years. Whether this development initiates a broader category change or remains a niche phenomenon will be determined by the actual behavior of institutional imitators.

SpaceX plans to go public at the beginning of June, Reuters reports a possible listing on June 12th on the NASDAQ. Shortly after the trading debut, it will become clear whether the Bitcoin position perceives the market as a strategic secondary motive or whether it is consistently ignored.

Benedict Kurschat, editorial team at finanzen.net

This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.

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