SpaceX began trading on Nasdaq on Friday, bringing the largest Bitcoin position ever attached to an initial public offering onto public markets. The company disclosed holdings of 18,712 Bitcoin valued at $1.29 billion.
The S-1 filing showed the Bitcoin was acquired for roughly $661 million. SpaceX described the position as a strategic reserve for excess cash rather than a core business activity.
Michael Saylor, chairman of MicroStrategy, posted on X to congratulate Elon Musk. He noted that 25 percent of what he calls the Mag8 companies now hold Bitcoin on their balance sheets after SpaceX joined the group.
SpaceX is now the eighth-largest public Bitcoin holder. Tesla, the other Musk-led firm in the Mag8, holds 11,509 Bitcoin. MicroStrategy remains the leader with 845,256 Bitcoin.
The listing values SpaceX at more than $1.8 trillion following a record $75 billion raise. Fair-value accounting will require quarterly mark-to-market adjustments on the Bitcoin holdings.
