SpaceX IPO could make it the largest public Bitcoin holder

Grayscale Research projects that SpaceX’s disclosed holding of 18,712 bitcoins could make the company the largest diversified public firm holding Bitcoin once it lists. At a Bitcoin price near $75,954, the stake is worth about $1.42 billion.

SpaceX plans to debut on Nasdaq under the SPCX ticker on June 12. Grayscale noted the disclosed 18,712 BTC represents about 0.1% of the roughly $1.75 trillion market capitalization the company is reportedly targeting at the IPO. Early activity in pre-IPO trading has allowed some investors to position before the listing.

Grayscale separates corporate Bitcoin holders into two groups. Pure-play digital asset treasuries, such as MicroStrategy, hold large Bitcoin positions that dominate their balance sheets. MicroStrategy’s reported holdings approach 843,738 BTC, far larger than SpaceX’s disclosure.

The second group comprises diversified businesses with core operations and revenue streams outside crypto, where Bitcoin functions as a smaller reserve. Grayscale placed SpaceX in that category alongside firms with mixed operations. The report described the company’s rockets, Starlink satellite network and government contracts as revenue sources independent of crypto markets.

Grayscale wrote, “SpaceX is about to become the largest public company holding Bitcoin.” The firm said the Bitcoin reserve would likely serve as a limited treasury hedge rather than the primary business focus for a diversified company like SpaceX.

The report also provided broader corporate adoption figures. Grayscale said at least 100 publicly traded companies have adopted some form of Bitcoin treasury policy, with combined corporate holdings totaling about 1.24 million BTC, or more than 5% of total Bitcoin supply. The most common motivation cited by companies is portfolio diversification against fiat currency risk.

Grayscale’s 2026 themes indicate the firm expects more diversified businesses to add Bitcoin to their treasuries in coming years. The report contrasted diversified holders with pure-play Bitcoin treasuries, noting differences in how investors assess risk and value.

Even if SpaceX becomes the largest diversified public company holder, MicroStrategy’s holdings would remain far larger in absolute terms. Grayscale’s analysis said SpaceX’s BTC stake will likely remain a small line item compared with its space, satellite and related businesses. The Nasdaq listing will provide public investors a clearer view of SpaceX’s balance sheet composition and how the market prices a large diversified firm with a meaningful but non-central Bitcoin holding.