Grayscale: SpaceX Expected to Become Largest Public Company Holding Bitcoin

Grayscale says Elon Musk’s SpaceX could become the most valuable public company holding bitcoin after its expected IPO, while Strategy would likely remain the largest holder by $BTC amount. Its S-1 filing lists 18,712 $BTC under digital assets.

Key Takeaways:

Grayscale said Elon Musk’s SpaceX could become the most valuable public company holding bitcoin.

Diversified businesses may increase $BTC allocations as treasury-focused firms dominate current rankings.

SpaceX’s IPO could expand investor visibility into corporate bitcoin balance-sheet strategies.

SpaceX IPO Could Reshape Corporate Bitcoin Rankings

Crypto asset manager Grayscale Investments said in a blog post on May 26 that Elon Musk’s SpaceX is poised to become the most valuable public company holding $BTC, after its expected initial public offering (IPO) in June. Michael Saylor’s Strategy would likely remain the largest public-company bitcoin holder by $BTC amount. SpaceX owns 18,712 $BTC, based on its registration statement (S-1 filing) with the U.S. Securities and Exchange Commission (SEC).

Grayscale Head of Research Zach Pandl divided corporate bitcoin holders into two categories. Digital asset treasuries (DATs) primarily exist to provide investors with $BTC exposure through public markets. Strategy is the largest DAT, currently holding 843,738 $BTC. Diversified businesses, by contrast, hold bitcoin alongside operating businesses as part of broader treasury management. Musk’s SpaceX and Tesla fall into that category, with Tesla ranking 12th among public-company holders at 11,509 $BTC. Pandl wrote:

“SpaceX is expected to be the largest public company holding bitcoin.”

The distinction separates companies that primarily function as bitcoin investment vehicles from operating businesses that hold $BTC alongside core commercial activities. Treasury-focused firms include Strategy with 843,738 $BTC, Twenty One Capital with 43,514 $BTC, Metaplanet Inc. with 40,177 $BTC, MARA Holdings Inc. with 35,303 $BTC, Bitcoin Standard Treasury Company with 30,021 $BTC, and Bullish with 24,300 $BTC. SpaceX aligns more closely with diversified operating companies such as Tesla, which holds 11,509 $BTC, and Block with 9,032 $BTC, while Coinbase holds 16,492 $BTC as part of its broader crypto business operations.

Public Bitcoin Treasury Market Faces New SpaceX Benchmark

SpaceX’s S-1 filing lists bitcoin under “Digital Assets” and shows unchanged holdings year over year. The company held 18,712 $BTC. Fair value fell to $1.637 billion from $1.749 billion, while cost basis stayed at $661 million. SpaceX also disclosed: “The company has ownership of and control over its digital assets, which consist of bitcoin, and utilizes, and expects to continue to utilize, third-party custodians to hold its bitcoin.”

SpaceX’s bitcoin holdings. Source: SpaceX’s S-1 filing with the SEC.

Ahead of its expected IPO, prediction market data on Polymarket place the highest probability on SpaceX debuting with a valuation between $2 trillion and $2.5 trillion. That range carried roughly 40% odds, ahead of the $1.5 trillion to $2 trillion range at 26% and the $2.5 trillion to $3 trillion range at 24%. Those estimates underpin Grayscale’s view that SpaceX could become the most valuable public company holding $BTC after its IPO.

Corporate bitcoin treasury strategies could draw greater investor attention as more operating businesses enter public $BTC holder rankings alongside dedicated treasury firms. Grayscale’s head of research added:

“We believe that the number of diversified businesses holding $BTC will increase over time, even if we see the number of DATs declining. Altogether, these dynamics could bolster demand for $BTC—and underpin the value of $BTC over time.”