Grayscale Research announced on Tuesday that SpaceX could potentially become the largest publicly traded diversified company holding Bitcoin following its anticipated public listing in June. According to Grayscale, the aerospace company currently holds 18,712 Bitcoin, valued at approximately $1.4 billion, positioning it as the eighth-largest corporate Bitcoin holder globally.
Zach Pandl, who leads the research division at Grayscale, cited SpaceX’s latest S-1 filing to support his analysis. He highlighted that with SpaceX planning its public offering soon, it might surpass current Bitcoin corporate holders in the diversified business category, trailing only behind Strategy Inc., the known leader.
Pandl elaborated on the categorization of corporate Bitcoin holders, which he divides into two frameworks. The first category encompasses Digital Asset Treasuries, consisting of firms like Strategy, which operate primarily as Bitcoin investment vehicles. The second category includes diversified companies such as Tesla, Coinbase, and Block, in which Bitcoin comprises a part of the overall corporate treasury strategy.
SpaceX is reportedly eyeing a valuation of around $1.75 trillion, which could position it among one of the largest initial public offerings in history. Investor sentiment regarding SpaceX’s upcoming listing remains notably optimistic, with discussions on platforms like Stocktwits reflecting an ‘extremely bullish’ stance.
Currently, Strategy holds the title of the world’s largest corporate Bitcoin holder, with approximately 850,000 Bitcoin valued at nearly $65 billion. However, Pandl emphasized that diversified businesses like SpaceX tend to incorporate Bitcoin as a smaller segment of their overall valuation, estimating that SpaceX’s Bitcoin holdings would constitute only about 0.1% of its expected market cap post-listing.
Looking ahead, the report suggested that more diversified companies may adopt Bitcoin as part of ongoing treasury diversification efforts and as a hedge against fiat currency risks. SpaceX, alongside Tesla—which holds over 11,500 BTC—was described as an early corporate adopter of Bitcoin, indicating that more organizations could join this trend in the future.
In contrast, the broader cryptocurrency market faced a downturn, with Bitcoin pricing at $75,768, marking a decline over the previous 24 hours. Discussion around Bitcoin on Stocktwits remained within ‘normal’ levels, reflecting a ‘bearish’ sentiment in the market context.
