It has been reported that Elon Musk's SpaceX is preparing a secret IPO application, aiming for a listing in June. The valuation is expected to exceed $1.75 trillion, with a target fundraising of up to $50 billion. This could become the largest IPO in history, surpassing Saudi Aramco's $29 billion.

However, what is drawing attention here is the company's Bitcoin holdings. SpaceX manages approximately 8,285 Bitcoins via Coinbase Prime, and according to Arkham Intelligence data, the current value is about $545 million. Up to this point, everything seems fine, but the issue is that over the past three months, this position has decreased in value by $235 million.

As of December, Bitcoin was trading around $92,500, and SpaceX's holdings were worth approximately $45M. In early February, BTC dropped to around $78,000, reducing the position to $650 million. Now, with BTC trading in the $74,000 range, the holdings have decreased further.

What’s interesting is that SpaceX has never sold any coins. Arkham’s data shows that throughout all cycles, the company has simply continued to hold. This approach differs from companies like Tesla, which have bought and sold Bitcoin.

It will be interesting to see how this impacts the IPO. The S-1 filing will disclose this Bitcoin holding, revealing the book profits and losses to investors. Tesla has experienced several million-dollar valuation losses in this regard, which have repeatedly generated headline risks.

However, since Tesla projects total revenue of $94.8 billion and gross profit of $17 billion in 2025, fluctuations related to Bitcoin do not have a significant impact. Similarly, if SpaceX’s core rocket and satellite business remains robust, fluctuations in Bitcoin holdings are unlikely to be a major issue.

SpaceX’s BTC portfolio peaked at around $2 billion in late 2021, then sharply declined. Over the past two years, it has fluctuated between $400 million and $800 million. Given their long-term holding stance, it is expected that this policy will remain unchanged in future IPO disclosures.

Additionally, the movement of XRP is worth watching. Supported by strong trading volume and whale accumulation, XRP has been rising, but it remains within a broad downtrend. The integration of XRP into Rakuten’s payment app, targeting 44 million users, marks an important step toward real-world adoption in Japan. Traders are closely watching the $1.37 level as a key pivot, with a breakout above $1.40 to $1.42 potentially confirming stronger momentum.