SpaceX IPO could reveal a $1.4B Bitcoin bet hiding in plain sight: Grayscale

SpaceX has emerged as a potential major public Bitcoin holder as Grayscale Research links the company’s planned June listing to its reported BTC treasury

Grayscale Research said Elon Musk’s SpaceX could rank as the largest publicly traded diversified company with Bitcoin on its balance sheet if its planned public listing takes place in early June.

Grayscale says SpaceX could lead diversified Bitcoin holders

Zach Pandl, head of research at Grayscale, said SpaceX currently holds 18,712 Bitcoin, worth about $1.4 billion, based on the company’s latest S-1 filing. According to Pandl, those holdings would place SpaceX as the eighth-largest known corporate Bitcoin holder worldwide.

Pandl added that prediction market estimates around SpaceX’s possible post-IPO valuation could make the company the top publicly traded diversified business holding Bitcoin. Strategy Inc. would still be ahead of other public companies with much larger Bitcoin positions.

Grayscale’s report separated corporate Bitcoin buyers into two main groups. The first group includesDigital Asset Treasuries, such as Strategy, that primarily provide equity investors with exposure to Bitcoin. The second group includes diversified companies such as Tesla, Coinbase, and Block, in which Bitcoin is part of a broader treasury strategy.

Bitcoin would remain small part of SpaceX valuation

According to Grayscale Research, SpaceX is reportedly seeking a valuation close to $1.75 trillion, which could make the listing one of the largest IPOs ever. Pandl estimated that the company’s Bitcoin holdings would equal about 0.1% of its expected market capitalization.

Because of that small share, Grayscale placed SpaceX in the diversified corporate holder category rather than the Bitcoin treasury company category. The report also noted that Tesla, another Musk-led company, holds more than 11,500 BTC.

Meanwhile, Strategy remains the largest corporate Bitcoin holder, with about 850,000 Bitcoin valued near $65 billion, according to Grayscale’s figures. Pandl said diversified companies usually keep Bitcoin as a limited part of company value, unlike dedicated treasury firms.

Retail interest builds around planned listing

According to Stocktwits, retail sentiment around SPCX remained in the “extremely bullish” zone, while message activity also remained at “extremely high” levels over the past day. The strong discussion came as investors watched SpaceX’s expected June public market debut.

Grayscale Research said more diversified companies could add Bitcoin to their treasuries over time. The firm tied that view to treasury diversification and concerns about fiat currency risk.

Musk pushes GrokaAI, and banks prepare IPO deal

In related developments, Musk urged investors to subscribe to GrokaAI to support the SpaceX IPO campaign. As previously reported by crypto.news, Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are serving as active bookrunners for the deal.

International banks, including Royal Bank of Canada, Mizuho Financial Group, and Macquarie Group, are also involved in share distribution across their markets. Musk separately asked the banks working on the offering to advertise on X.