Draper likens Musk to Satoshi after SpaceX reveals 18,712 BTC

Venture capitalist Tim Draper drew a parallel between Elon Musk and bitcoin’s pseudonymous creator after SpaceX’s S-1 filing disclosed the company holds 18,712 bitcoins. The disclosure came as SpaceX began trading on Nasdaq following its initial public offering.

SpaceX priced shares at $135 and sold roughly 555.6 million shares, raising $75 billion and producing an implied market value near $1.77 trillion. The newly listed SPCX shares rose more than 25% in their debut session.

The S-1 shows SpaceX paid about $661 million for the bitcoin position, an average purchase price near $35,320 per coin. With bitcoin trading near $63,600 at the time of the filing, the holding is worth roughly $1.19 billion. Before the filing, public trackers had estimated the company held about 8,285 BTC.

The disclosure places SpaceX among public corporate bitcoin holders; one ranking lists the company eighth by publicly reported reserves. Tesla’s 11,509 BTC, which remained untouched through the first quarter, brings the combined corporate holdings linked to Musk to 30,221 BTC. The S-1 classifies the bitcoin as a strategic reserve for excess cash, representing about 1.8% of SpaceX’s total assets.

Draper, an early investor in both Tesla and SpaceX who bought nearly 30,000 BTC at a 2014 federal auction, wrote on social media: “I love Elon Musk. Almost as much as I love Satoshi Nakamoto.” Crypto trader Scott Melker posted that the IPO proceeds could allow SpaceX to increase its bitcoin holdings, adding, “This would be a great time for SpaceX to buy more Bitcoin.”

SpaceX faces competing demands for capital, including Starlink expansion, Starship development and operating losses reported in recent periods. The company previously reduced its bitcoin exposure during the 2022 market downturn, recording write-downs and selling part of its position.

Under SpaceX’s dual-class share structure, Musk retains 82.4% of voting power, giving him control over capital allocation decisions. Investors will monitor the company’s first quarterly report for any indication of whether IPO proceeds will be used to add to the bitcoin reserve. The S-1 disclosure made the company’s cryptocurrency holdings visible to millions of new shareholders.