by Coinstrooper Crypto Articles
Quick Take
  • Both posts appeared hours after SpaceX began trading on Nasdaq.
  • The company raised $75 billion in the largest initial public offering on record and disclosed 18,712 BTC in its filing.
  • SpaceX priced its shares at $135 each, selling roughly 555.6 million shares at an implied valuation near $1.77 trillion.
  • The raise more than doubled Saudi Aramco’s 2019 record of $29.4 billion, and SPCX climbed more than 25% in its debut session.

What Happened

Record IPO Puts SpaceX Bitcoin Holdings in the Spotlight

The raise more than doubled Saudi Aramco’s 2019 record of $29.4 billion, and SPCX climbed more than 25% in its debut session.

Meanwhile, the S-1 revealed a Bitcoin position more than double the 8,285 BTC that trackers had estimated before the filing.

Market Context

Venture capitalist Tim Draper compared Elon Musk to Satoshi Nakamoto on Friday, while trader Scott Melker argued the SpaceX Bitcoin (BTC) treasury should grow now that the company trades publicly.

Both posts appeared hours after SpaceX began trading on Nasdaq. The company raised $75 billion in the largest initial public offering on record and disclosed 18,712 BTC in its filing.

SpaceX priced its shares at $135 each, selling roughly 555.6 million shares at an implied valuation near $1.77 trillion.

SpaceX paid about $661 million for its coins, an average near $35,320 each. With Bitcoin trading near $63,600, the reserve is worth roughly $1.19 billion.

He still maintains a $250,000 Bitcoin price prediction.

Melker, host of The Wolf of All Streets podcast, sees the fresh capital as an opening for further accumulation.

Why It Matters

However, history suggests caution. SpaceX previously wrote down its holdings and sold part of its position during the 2022 downturn.

The newly listed company deploying IPO cash into Bitcoin could become clear in its first quarterly report.

Details

BitcoinTreasuries now ranks SpaceX eighth among public corporate holders. Tesla, which kept 11,509 BTC untouched through the first quarter, lifts Musk’s combined corporate total to 30,221 BTC. Only four public companies hold more.

Draper has skin on both sides of his comparison. His funds backed Tesla and SpaceX in their early venture rounds, and he bought nearly 30,000 BTC at the 2014 US Marshals Silk Road auction.

“I love Elon Musk.. Almost as much as I love Satoshi Nakamoto,” Tim Draper, founder of Draper Associates, wrote on X.

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Will SpaceX Buy More Bitcoin?

“This would be a great time for SpaceX to buy more Bitcoin,” the podcaster observed in a post.

The filing classifies the Bitcoin, about 1.8% of total assets, as a strategic reserve for excess cash. A $75 billion windfall gives the company room to add.

Starlink expansion, Starship development, and continued operating losses also compete for those proceeds.

Whatever happens, the decision rests with one person. Musk keeps 82.4% of voting power under the dual-class structure, according to the prospectus.

Musk has shifted before. Tesla suspended Bitcoin payments in 2021 over energy concerns, weeks after adopting them, and later sold most of its stack.

For now, the disclosure alone has placed BTC in front of millions of new shareholders.

The post Tim Draper Ranks Elon Musk Just Below Satoshi: Will SpaceX Buy More Bitcoin? appeared first on BeInCrypto.