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Grayscale: SpaceX Is Expected to Become the Largest Public Company Holding Bitcoin
According to Grayscale, Elon Musk’s SpaceX could become the most valuable public company holding bitcoin after its expected IPO, while Strategy is likely to remain the largest holder by $BTC volume. Its S-1 filing lists 18,712 $BTC under “digital assets”.
Key Takeaways
- Grayscale said that Elon Musk’s SpaceX could become the most valuable public company holding bitcoin.
- Diversified companies may increase the share of $BTC in their portfolios, as current rankings are dominated by companies focused on treasury operations.
- SpaceX’s IPO could broaden investors’ understanding of corporate bitcoin strategies on balance sheets.
SpaceX IPO Could Change the Corporate Bitcoin Ranking
Crypto asset manager Grayscale Investments said in a 26 May blog post that Elon Musk’s SpaceX is set to become the most valuable public company holding $BTC after its expected initial public offering (IPO) in June. Michael Saylor’s Strategy is likely to remain the largest bitcoin holder among public companies by $BTC volume. According to the registration statement — Form S-1 — filed with the US Securities and Exchange Commission (SEC), SpaceX holds 18,712 $BTC.
Grayscale Head of Research Zach Pandl divided corporate bitcoin holders into two categories. Digital asset treasuries (DATs) exist primarily to give investors access to $BTC through public markets. Strategy is the largest DAT and currently holds 843,738 $BTC. Diversified companies, by contrast, hold bitcoin alongside operating assets as part of broader treasury management. Musk’s companies SpaceX and Tesla fall into this category, with Tesla ranking 12th among public company holders with 11,509 $BTC. Pandl wrote:
“SpaceX is expected to become the largest public company holding bitcoin.”
This distinction separates companies that mainly function as bitcoin investment vehicles from operating businesses that hold $BTC alongside their core commercial activities. Companies focused on treasury management include Strategy with 843,738 $BTC, 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. SpaceX is closer to diversified operating companies such as Tesla, which holds 11,509 $BTC, and Block with 9,032 $BTC, while Coinbase holds 16,492 $BTC as part of its broader cryptocurrency business.
The Public Bitcoin Treasury Market Faces a New SpaceX Benchmark
In the S-1 document filed by SpaceX, bitcoin is listed under “Digital Assets”, and the filing shows that the amount remained unchanged compared with the previous year. The company held 18,712 $BTC. Fair value decreased from $1.749 billion to $1.637 billion, while cost basis remained at $661 million. SpaceX also stated: “The Company owns and controls its digital assets, consisting of bitcoin, and uses, and plans to continue using, third-party custodians to store its bitcoin.”
SpaceX bitcoin holdings. Source: SpaceX S-1 filing with the SEC.
Ahead of the expected IPO, prediction market data from Polymarket indicates the highest probability that SpaceX will debut with a valuation of between $2 trillion and $2.5 trillion. This range has a probability of around 40%, ahead of the $1.5 trillion to $2 trillion range at 26% and the $2.5 trillion to $3 trillion range at 24%. These estimates support Grayscale’s view that SpaceX could become the most valuable public company holding $BTC after its IPO.
Corporate treasury strategies around bitcoin may attract more investor attention as more operating companies enter the rankings of public $BTC holders alongside specialised treasury firms. Grayscale’s Head of Research added:
“We believe the number of diversified companies holding $BTC will increase over time, even if the number of specialised treasury companies declines. Overall, this dynamic may strengthen demand for $BTC and support its value over the long term.”
See also: "Ali Martinez Names Critical Support Level for Ether"
