Venture capitalist Tim Draper made headlines on Friday with his intriguing comparison of Elon Musk to Satoshi Nakamoto, the enigmatic figure behind Bitcoin, as excitement grew following SpaceX’s historic debut on the Nasdaq. Draper’s remarks came in the wake of SpaceX raising a staggering $75 billion in its initial public offering—setting a new record for the largest IPO in history—while trader Scott Melker suggested that now could be the opportune moment for SpaceX to expand its Bitcoin treasury.
SpaceX’s shares were priced at $135 each, with the company offering approximately 555.6 million shares. This pricing culminated in an impressive valuation approaching $1.77 trillion, surpassing the previous record held by Saudi Aramco’s IPO of $29.4 billion in 2019. On its first day of trading, SPCX saw a remarkable surge, climbing over 25%.
The recently released S-1 filing revealed that SpaceX’s Bitcoin holdings were significantly greater than previous estimates, listing a total of 18,712 BTC compared to the anticipated 8,285 BTC. The company had invested around $661 million in its Bitcoin acquisition at an average price of about $35,320 per coin. With Bitcoin currently trading near $63,600, SpaceX’s reserve is now valued at approximately $1.19 billion.
Additionally, this newfound Bitcoin position elevates SpaceX to eighth place among public corporate holders of Bitcoin. When combined with Tesla’s holdings of 11,509 BTC, Musk’s companies collectively control 30,221 BTC, ranking them among the elite group of public companies with significant cryptocurrency assets.
Draper, who has a vested interest in both Tesla and SpaceX through his early-stage investments, remains bullish on Bitcoin, maintaining a prediction of $250,000 per coin. “I love Elon Musk… almost as much as I love Satoshi Nakamoto,” he expressed on X, underscoring his admiration for both figures.
Meanwhile, Melker, the host of The Wolf of All Streets podcast, viewed SpaceX’s influx of capital as a prime opportunity to further bolster its Bitcoin holdings. He noted in a recent post, “This would be a great time for SpaceX to buy more Bitcoin.” According to the filing, the Bitcoin assets comprise about 1.8% of SpaceX’s total assets and are categorized as a strategic reserve for excess cash.
However, historical patterns suggest a cautious approach may be warranted. SpaceX had previously written down its Bitcoin holdings and sold portions during the downturn in 2022. Competing financial demands, such as the expansion of the Starlink satellite network, development of the Starship spacecraft, and ongoing operational losses, may also influence the company’s financial decisions moving forward.
Ultimately, the fate of SpaceX’s Bitcoin strategy hinges on Musk, who retains 82.4% of the voting power within the company’s dual-class structure, as highlighted in the IPO prospectus. Musk’s past decisions—such as Tesla’s suspension of Bitcoin payments in 2021 due to environmental concerns shortly after they were initiated—reflect his unpredictable approach to cryptocurrency investments. As the story unfolds, all eyes will remain on Musk and his strategic choices in the evolving landscape of digital assets.
