SpaceX IPO Could Become a Short-Term Source of Pressure for Bitcoin
Odaily Planet Daily News Analysts believe that SpaceX's upcoming IPO could become a new short-term source of pressure for Bitcoin and the crypto market. As the company is reportedly set to allocate 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 hotly anticipated offering.
SpaceX plans to issue shares at $135 each, 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 from which some investors raise funds for the IPO.
Recently, there have been views indicating that high-profile IPOs like SpaceX, and potentially future ones like OpenAI and Anthropic, could prompt capital outflows from the crypto market, putting pressure on Bitcoin and Ethereum prices.
However, SpaceX going public could also conversely drive an increase in on-chain related trading activity. Currently, platforms such as Hyperliquid and Binance already offer SpaceX-related perpetual contracts and tokenized stock products. The trading volume of these related assets could potentially increase further with the IPO.
