According to Grayscale Research, SpaceX is likely to be the biggest publicly traded company with a diverse portfolio that includes Bitcoin. The company, led by Elon Musk, recently revealed it holds 18,712 Bitcoins as of early June.
With Bitcoin currently trading around $75,954, the holding is valued at approximately $1.42 billion. This represents about 0.1% of the $1.75 trillion valuation SpaceX is aiming for when it goes public.
Why SpaceX Stands Apart From MicroStrategy
Grayscale separates corporate Bitcoin holders into two camps.
- Pure-play digital asset treasuries (DATs) like MicroStrategy hold tokens primarily as a vehicle for equity investors.
MicroStrategy now holds approximately 843,738 Bitcoin, and most of its revenue currently comes from this investment.
- SpaceX sits in the second camp alongside Tesla’s Bitcoin treasury, Coinbase, and Block.
SpaceX makes money from its rockets, Starlink internet service, and deals with the government, meaning it doesn’t rely on cryptocurrency prices. Its Bitcoin holdings are a minor investment and aren’t a major part of its overall finances.
It’s important to understand this difference when evaluating the stock. A company with varied investments and a small amount of Bitcoin has a different risk profile than a company whose value is heavily tied to Bitcoin.
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Grayscale Expects More Corporate Adopters
The firm’s report indicates that companies are investing in Bitcoin for many of the same reasons as other investors. The primary driver appears to be reducing risk by diversifying their investments away from traditional currencies.
The asset manager predicts that in the coming years, more companies will follow a similar path of diversifying into cryptocurrencies.
“SpaceX is about to become the largest public company holding Bitcoin,” Grayscale stated.
Over 100 public companies now hold Bitcoin as part of their company treasury. Together, they own approximately 1.24 million Bitcoin, which represents more than 5% of all Bitcoin in existence.
The corporate Bitcoin adoption surge keeps drawing in firms outside traditional finance.
Even though SpaceX is growing, MicroStrategy still holds a much larger Bitcoin investment – over 45 times larger, in fact. Essentially, MicroStrategy’s stock price moves largely based on the price of Bitcoin.
Compared to SpaceX’s other businesses like space exploration, satellites, and artificial intelligence, their investment will be a relatively minor part of their overall portfolio.
SpaceX (SPCX) is scheduled to start trading on the Nasdaq stock exchange on June 12th. Investors can already buy and sell shares in a pre-IPO market, allowing them to invest before the official listing date.
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2026-05-27 09:01