Grayscale Research said on Tuesday that SpaceX could become the largest publicly traded diversified company holding Bitcoin after its expected public listing.
• The firm said SpaceX currently holds 18,712 Bitcoin worth about $1.4 billion, making it the eighth-largest known corporate Bitcoin holder.
• Grayscale divided corporate Bitcoin holders into Digital Asset Treasuries, like Strategy and diversified businesses such as Tesla, Coinbase, and Block.
Elon Musk’s SpaceX (SPCX) could become the largest publicly traded diversified company holding Bitcoin (BTC) after its planned public listing in June, according to Grayscale Research.
Zach Pandl, who leads the research division at Grayscale, explained that SpaceX plans to go public in early June and currently holds 18,712 Bitcoin worth roughly $1.4 billion, citing the company’s latest S-1 filing. The holdings would also make SpaceX the eighth-largest known corporate holder of Bitcoin globally.
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Based on prediction market estimates tied to SpaceX’s potential post-initial public offering valuation, Pandl said the company could emerge as the largest publicly traded corporate holder of Bitcoin, behind the current leader, Strategy Inc. (MSTR).
The report argued that corporate Bitcoin holders generally fall into two distinct categories. The first group included the Digital Asset Treasuries (DATs), including firms like Strategy that primarily function as Bitcoin investment vehicles for equity investors. The second group consists of diversified businesses such as Tesla (TSLA), Coinbase (COIN), and Block (XYZ), in which Bitcoin is part of the broader treasury or corporate investment strategy.
SpaceX is expected to go public in June and is reportedly targeting a valuation near $1.75 trillion, potentially making it one of the largest initial public offerings in history. On Stocktwits, the retail sentiment around SPCX remained in the ‘extremely bullish’ zone, while chatter around it stayed in the ‘extremely high’ levels over the past day.
Grayscale’s comments come as Bitcoin increasingly becomes part of broader corporate treasury strategies. Strategy remains the world’s largest corporate Bitcoin holder with roughly 850,000 Bitcoin valued at nearly $65 billion. However, Pandl noted that diversified businesses typically hold Bitcoin as a relatively small portion of their overall company value.
He estimated that SpaceX’s Bitcoin holdings would account for only around 0.1% of its projected post-public-listing market capitalization, which is over $1.7 trillion, placing the company in the diversified business category rather than alongside dedicated Bitcoin treasury firms.