Grayscale: SpaceX Expected to Become Largest Public Company Holding Bitcoin

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Grayscale says Elon Musk’s SpaceX could become the most valuable public company holding bitcoin after its expected IPO, while Strategy would likely remain the largest holder by BTC amount. Its S-1 filing lists 18,712 BTC under digital assets. Grayscale: SpaceX Expected to Become Largest Public Company Holding Bitcoin Key Takeaways - Grayscale said Elon Musk’s SpaceX could become the most valuable public company holding bitcoin. - Diversified businesses may increase BTC allocations as treasury-focused firms dominate current rankings. - SpaceX’s IPO could expand investor visibility into corporate bitcoin balance-sheet strategies. SpaceX IPO Could Reshape Corporate Bitcoin Rankings Crypto asset manager Grayscale Investments said in a blog post on May 26 that Elon Musk’s SpaceX is poised to become the most valuable public company holding BTC, after its expected initial public offering (IPO) in June. Michael Saylor’s Strategy would likely remain the largest public-company bitcoin holder by BTC amount. SpaceX owns 18,712 BTC, based on its registration statement (S-1 filing) with the U.S. Securities and Exchange Commission (SEC). “SpaceX is expected to be the largest public company holding bitcoin.” The distinction separates companies that primarily function as bitcoin investment vehicles from operating businesses that hold BTC alongside core commercial activities. Treasury-focused firms 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 aligns more closely with 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 crypto business operations. Public Bitcoin Treasury Market Faces New SpaceX Benchmark SpaceX’s S-1 filing lists bitcoin under “Digital Assets” and shows unchanged holdings year over year. The company held 18,712 BTC as of March 31. Fair value fell to $1.637 billion from $1.749 billion, while cost basis stayed at $661 million. SpaceX also disclosed: “The company has ownership of and control over its digital assets, which consist of bitcoin, and utilizes, and expects to continue to utilize, third-party custodians to hold its bitcoin.” Ahead of its expected IPO, prediction market data on Polymarket place the highest probability on SpaceX debuting with a valuation between $2 trillion and $2.5 trillion. That range carried roughly 40% odds, ahead of the $1.5 trillion to $2 trillion range at 26% and the $2.5 trillion to $3 trillion range at 24%. Those estimates underpin Grayscale’s view that SpaceX could become the most valuable public company holding BTC after its IPO.

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