Grayscale: SpaceX Could Become Largest Diversified Bitcoin Holder

Grayscale Research says SpaceX could become the largest diversified public company holding bitcoin after the company disclosed 18,712 BTC on its balance sheet ahead of a Nasdaq listing. At a bitcoin price near $75,954, that holding is worth about $1.42 billion, roughly 0.1% of the $1.75 trillion IPO valuation SpaceX is targeting.

SpaceX plans to list under the SPCX ticker, with a Nasdaq debut scheduled for June 12. Early activity in the pre-IPO trading market already allows investors to take positions before the formal listing.

Grayscale separates corporate bitcoin treasuries into two groups: pure-play digital asset treasuries and diversified businesses. Pure-play firms hold bitcoin as their principal asset; MicroStrategy’s bitcoin stack is about 843,738 coins and dominates that company’s market profile.

Diversified firms hold bitcoin alongside operating businesses. SpaceX generates revenue from rockets, the Starlink satellite internet network and government contracts. Its 18,712 BTC is a small balance-sheet item rather than the centerpiece of the company.

Grayscale wrote that distinction affects how investors model equity risk: a company that relies primarily on bitcoin behaves more like a bitcoin proxy, while a diversified firm with a modest bitcoin stake is treated as an operating company with a crypto hedge.

The report notes at least 100 publicly traded companies have adopted some form of bitcoin treasury policy. Combined corporate holdings total about 1.24 million BTC, representing more than 5% of total supply. Companies most often cite portfolio diversification against fiat currency risk as the reason for adding bitcoin.

MicroStrategy’s holdings remain far larger in absolute terms, at more than 45 times the size of SpaceX’s reported coins. Grayscale placed SpaceX in the same group as diversified holders such as Tesla, Coinbase and Block, which hold bitcoin while deriving primary revenue from non-crypto operations.

Grayscale wrote, “SpaceX is about to become the largest public company holding Bitcoin.” The report forecasts continued interest from diversified businesses in adding bitcoin to corporate treasuries in coming years.