SpaceX Could Be Largest Public Bitcoin Holder After IPO
Grayscale says SpaceX’s S-1 lists 18,712 BTC and its expected June IPO could make it the most valuable public company holding bitcoin.
Grayscale Investments wrote in a May 26 blog post that SpaceX could become the most valuable public company holding bitcoin if its initial public offering proceeds as expected in June. SpaceX’s SEC registration statement lists ownership of 18,712 BTC.
Grayscale’s Head of Research, Zach Pandl, separates public holders into two groups: “digital asset treasuries,” entities created mainly to provide BTC exposure, and “diversified businesses” that hold bitcoin alongside operating companies. SpaceX and Tesla are classified as diversified; Tesla’s filings show 11,509 BTC.
Grayscale noted that Strategy, Michael Saylor’s firm, would remain the largest public-company holder by amount with 843,738 BTC. Other treasury-focused holders named include Twenty One Capital with 43,514 BTC, Metaplanet Inc. with 40,177 BTC, MARA Holdings Inc. with 35,303 BTC, Bitcoin Standard Treasury Company with 30,021 BTC, and Bullish with 24,300 BTC. Among diversified businesses, Coinbase holds 16,492 BTC and Block holds 9,032 BTC.
SpaceX’s S-1 lists bitcoin under “Digital Assets” and shows holdings unchanged year over year at 18,712 BTC. Fair value on the filing is $1.637 billion, down from $1.749 billion, while the cost basis is listed at $661 million. The filing states the company owns and controls its bitcoin and uses third-party custodians to hold the assets.
Grayscale cited Polymarket prediction market data that assigns about a 40% probability to a SpaceX debut valuation between $2 trillion and $2.5 trillion, roughly 26% to a $1.5 trillion to $2 trillion range, and about 24% to a $2.5 trillion to $3 trillion range. Grayscale used those estimates in assessing SpaceX’s potential ranking among public bitcoin holders.
Pandl wrote, “SpaceX is expected to be the largest public company holding bitcoin.” He added that Grayscale expects the number of diversified businesses holding BTC to increase over time even if the number of digital asset treasuries declines.
Grayscale wrote that the expected IPO will increase investor visibility into how operating companies include digital assets on their balance sheets and may change the rankings of public bitcoin holders.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
