Summary
- SpaceX said as it moves toward an IPO that it holds 18,712 Bitcoin, worth about $1.45 billion.
- Analysts said if SpaceX is added to the Nasdaq 100 after listing, the number of large technology stocks holding Bitcoin would rise to two.
- Some analysts said a SpaceX IPO could weigh on technology stocks and the Bitcoin market in the short term by absorbing investor capital.
Forecast Trend Report by Period
SpaceX is pursuing what could be the largest initial public offering in history, a listing that may increase Bitcoin exposure among large-cap Nasdaq technology stocks, Cointelegraph reported on May 22.
SpaceX recently disclosed in an S-1 filing that it holds 18,712 Bitcoin, worth about $1.45 billion at current prices.
The company is valued at about $1.75 trillion to $2 trillion. That has prompted speculation it could join the Nasdaq 100 soon after listing.
Among large technology companies, Tesla currently holds 11,509 Bitcoin. If SpaceX is added to the Nasdaq 100, the number of major tech stocks in the index holding Bitcoin would rise to two.
Phong Le, chief executive officer of Strategy, said the Magnificent Seven could become the Magnificent Eight. In that scenario, 25% of the Magnificent Eight would hold Bitcoin on their balance sheets.
Some analysts say a SpaceX IPO could also weigh on technology stocks and the Bitcoin market in the short term.
Analyst Nick Puckrin said SpaceX's inclusion in the Nasdaq 100 could trigger selling as investors raise cash to buy the stock. That could create a significant capital-absorption effect.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
