SpaceX IPO may become a short-term pressure point for Bitcoin

Odaily Planet Daily reports that analysts believe SpaceX's upcoming IPO could become a new source of short-term pressure for Bitcoin and the crypto market. As the company is reportedly set to open up to 30% of its IPO shares to retail investors, some investors may sell high-risk assets such as Bitcoin and Ethereum to free up capital for participation in this high-profile offering.

SpaceX plans to issue shares at $135 per share, aiming to raise $75 billion, with a valuation of approximately $1.77 trillion. A GSR trading executive stated that crypto assets could be one of the sources for some investors to raise IPO capital.

Recent views suggest that hot IPOs like SpaceX, as well as potential future offerings from OpenAI, Anthropic, etc., could prompt capital outflows from the crypto market, putting pressure on Bitcoin and Ethereum prices.

However, SpaceX's listing could also conversely drive an increase in related on-chain trading activity. Currently, platforms such as Hyperliquid and Binance already offer SpaceX-related perpetual contracts and tokenized stock products, and trading activity for these assets may further increase with the IPO.