In a significant development for the cryptocurrency market, Michael Saylor announced that SpaceX’s recent debut on Nasdaq has resulted in 25% of what he terms the “Mag8” companies now holding Bitcoin. This remark comes in light of SpaceX’s S-1 filing, which disclosed that the company possesses 18,712 Bitcoin, sourced at a total cost of approximately $661 million. This acquisition aligns with Tesla’s holdings of 11,509 Bitcoin, both companies being associated with entrepreneur Elon Musk.
SpaceX’s initial public offering (IPO) was a historic success, raising an astounding $75 billion through the sale of 555.6 million shares, thus making it the largest public market debut to date. Following this achievement, Saylor expressed his congratulations to Musk and emphasized the growing influence of Bitcoin in corporate balance sheets. His use of the term “Mag8” expands upon the traditional “Mag 7,” which includes notable companies like Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Tesla, now adding SpaceX to this elite group. Notably, among these companies, only Tesla and SpaceX have adopted Bitcoin as part of their financial strategy.
Saylor, who serves as Executive Chairman of Strategy, has been an advocate for the corporate treasury model for Bitcoin. His firm is recognized as the largest holder of Bitcoin, with a substantial 843,738 BTC. The introduction of SpaceX into the Mag8 highlights a pivotal moment for the cryptocurrency, especially concerning major corporations.
SpaceX’s debut also led to its immediate inclusion in prominent stock market indexes. FTSE Russell announced that the company would join the Russell 1000 and Russell Top 200 indexes starting June 26, following the implementation of a fast-entry rule designed for large listings. Furthermore, MSCI will include SpaceX in its standard and large-cap indexes on June 29. However, the S&P 500 has opted not to include SpaceX right away, citing the company’s current inability to meet the requirement of four consecutive quarters of Generally Accepted Accounting Principles (GAAP) profitability. As a result, SpaceX’s potential entry into the S&P 500 could be delayed until mid-2027.
Following its IPO, SpaceX’s stock experienced a bump of over 3% in after-hours trading, and retail sentiment on platforms like Stocktwits remains exceptionally optimistic, signaling high levels of enthusiasm among investors. As interest in Bitcoin continues to grow in the corporate world, Saylor’s comments underline a shift in how major companies are viewing the cryptocurrency asset.
