Elon Musk’s SpaceX Bitcoin Holdings Could Eclipse Public Companies After IPO Despite Tiny Valuation Share, Grayscale Says

• Grayscale Research said on Tuesday that SpaceX could become the largest publicly traded diversified company holding Bitcoin after its expected public listing.
• The firm said SpaceX currently holds 18,712 Bitcoin worth about $1.4 billion, making it the eighth-largest known corporate Bitcoin holder.
• Grayscale divided corporate Bitcoin holders into Digital Asset Treasuries, like Strategy and diversified businesses such as Tesla, Coinbase, and Block.

Elon Musk’s SpaceX (SPCX) could become the largest publicly traded diversified company holding Bitcoin (BTC) after its planned public listing in June, according to Grayscale Research.

Zach Pandl, who leads the research division at Grayscale, explained that SpaceX plans to go public in early June and currently holds 18,712 Bitcoin worth roughly $1.4 billion, citing the company’s latest S-1 filing. The holdings would also make SpaceX the eighth-largest known corporate holder of Bitcoin globally.

Based on prediction market estimates tied to SpaceX’s potential post-initial public offering valuation, Pandl said the company could emerge as the largest publicly traded corporate holder of Bitcoin, behind the current leader, Strategy Inc. (MSTR).

The report argued that corporate Bitcoin holders generally fall into two distinct categories. The first group included the Digital Asset Treasuries (DATs), including firms like Strategy that primarily function as Bitcoin investment vehicles for equity investors. The second group consists of diversified businesses such as Tesla (TSLA), Coinbase (COIN), and Block (XYZ), in which Bitcoin is part of the broader treasury or corporate investment strategy.

SpaceX is expected to go public in June and is reportedly targeting a valuation near $1.75 trillion, potentially making it one of the largest initial public offerings in history. On Stocktwits, the retail sentiment around SPCX remained in the ‘extremely bullish’ zone, while chatter around it stayed in the ‘extremely high’ levels over the past day. 

Strategy Leads Bitcoin Treasuries

Grayscale’s comments come as Bitcoin increasingly becomes part of broader corporate treasury strategies. Strategy remains the world’s largest corporate Bitcoin holder with roughly 850,000 Bitcoin valued at nearly $65 billion. However, Pandl noted that diversified businesses typically hold Bitcoin as a relatively small portion of their overall company value.

He estimated that SpaceX’s Bitcoin holdings would account for only around 0.1% of its projected post-public-listing market capitalization, which is over $1.7 trillion, placing the company in the diversified business category rather than alongside dedicated Bitcoin treasury firms.

The report said that more diversified companies were expected to adopt Bitcoin over time as part of treasury diversification strategies and as a hedge against fiat currency risks. It further described SpaceX and Tesla, which hold over 11,500 BTC, as relatively early corporate Bitcoin adopters, while suggesting additional companies could follow in the coming years. 

The broader crypto market was also down, with Bitcoin’s price at $75,768, down in the last 24 hours. On Stocktwits, BTC stayed in the ‘bearish’ zone, while chatter stayed at ‘normal’ levels over the past day. 

Read also: XRP Investors Face Biggest Paper Losses Since 2020 – Bearish Momentum Builds

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