SpaceX Shifts 1,021 Bitcoin ahead of IPO
SpaceX is moving around millions in Bitcoin as it gets ready to go public next year and be traded on the stock market.
Quick overview
- SpaceX is moving $94.48 million in Bitcoin as it prepares for its initial public offering (IPO) next year.
- The company has transferred over 1,000 bitcoins and previously sold about 70% of its Bitcoin assets in 2022.
- Elon Musk's influence on the cryptocurrency market could make this Bitcoin movement impactful.
- SpaceX is also preparing for its IPO by launching 29 Starlink satellites and is valued at $1.5 trillion.
Elon Musk’s company SpaceX is moving $94.48 million in Bitcoin as the company is preparing for its initial public offering (IPO) to take place next year.
SpaceX has moved more than 1,000 bitcoins according to reports, and it makes sense for the company to shift funds as they prepare to be publicly traded. The company got rid of about 70% of their Bitcoin assets back in 2022 when FTX went bankrupt, but they never stopped holding onto Bitcoin.
Of course, Elon Musk has been one of the biggest individual movers for the cryptocurrency market in recent years, with simple social media posts sparking trading frenzies and helping both Dogecoin and Bitcoin to spike at various times. If his company is moving so many bitcoins, this could be impactful to the crypto industry.
SpaceX to Go Public
SpaceX offers space transportation and aerospace services and technology, and they announced on December 10th that they would be raising more than $30 billion for their public listing. The company is valued at $1.5 trillion, and their IPO could be the largest on record.
Their embattled CEO Elon Musk has been under fire this year for his alignment with President Elon Musk, as he headed up the Department of Government Efficiency, and for securing a trillion-dollar payout agreement with Tesla. The electric car market Tesla (TSLA) has also struggled this year due to declining EV (electric vehicle) sales and fears that the AI market will start to dry up as a market bubble bursts.
SpaceX has been very busy lately ahead of their public offering, prepping the launch of 29 Starlink satellites. They have a rocket launch schedule for Thursday afternoon, and that will be the 16th such rocket to be launched for this mission.
The company has been moving quite a bit of Bitcoin in recent months, transferring large amounts regularly between custodians. At the time of writing, Arkham Intelligence reports that the company holds $367 million in Bitcoin. That digital token has fallen significantly from its October high of $126K and is now hovering around $90K. It is possible that SpaceX management fears a further drop for Bitcoin and is trying to sell off many of its coins before the IPO to increase the company’s valuation.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
- Read our latest reviews on: Avatrade, Exness, HFM and XM
Save