Investors Sell Bitcoin to Fund SpaceX, OpenAI IPO Bids

Analysts report that some investors are selling bitcoin to raise cash for allocations to the upcoming SpaceX, OpenAI and Anthropic IPOs after a steep weekly drop in BTC prices.

MicroStrategy (Nasdaq: MSTR) sold 32 BTC, roughly $2.5 million, its first bitcoin sale since 2022. The transaction was small compared with the company’s overall holdings but drew attention as bitcoin fell below $60,000 and MicroStrategy’s share price weakened.

SpaceX is expected to price shares on June 11 and begin trading on June 12, with the company seeking up to $75 billion and an implied valuation near $1.77 trillion. OpenAI has been linked to a potential public listing with a reported valuation near $1 trillion, and Anthropic’s private-market valuations have risen after multiple funding rounds.

Analysts point to bitcoin’s liquidity-deep markets, continuous trading and broad institutional access-as a reason investors may tap BTC to fund large equity allocations or meet ETF redemptions. Jeff Park of Bitwise Asset Management wrote: “I don’t think bitcoin is selling off because of MSTR. I think it’s being tapped to fund the market’s upcoming hot ball of money trades: Spacex, Anthropic, whatever else everyone suddenly ‘has to own.'”

MicroStrategy co-founder Michael Saylor noted about $400 billion of financing directed to AI initiatives over six months and roughly $4 billion of spot bitcoin ETF outflows since mid-May, characterizing recent flows as capital rotation rather than a permanent loss of demand.

Other market participants expressed similar views. Ted Pillows wrote that AI interest will drain liquidity from crypto ahead of major IPOs. Stephane Ouellette observed that many retail traders planning to buy into SpaceX resemble typical bitcoin holders and may sell crypto to raise cash. Mark Dowding pointed to market fatigue and a shift toward new growth opportunities. Thierry Borgeat linked heavy equity issuance from large tech and AI companies to capital moving out of liquid risk assets such as bitcoin. Brian HoonJong Paik described the activity as exit-liquidity rotation.

Analysts cautioned that repeated flows between bitcoin and high-demand IPOs could change correlations and investor allocation patterns over time. Park warned that future correlation breakdowns between bitcoin and these equities could themselves influence how money moves across markets.

Background factors cited by analysts include the growing presence of bitcoin on corporate balance sheets and the proliferation of spot bitcoin ETFs, which make BTC more accessible as a source of liquidity.