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Analysis: SpaceX IPO May Expand Nasdaq BTC Exposure but Could Short-Term Weigh on Tech Stocks and Bitcoin

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On May 22, analyst Yashu Gola stated that SpaceX plans to conduct a $75 billion IPO in June. If the valuation reaches $1.75 trillion to $2 trillion post-listing, it could enter the Nasdaq 100 index within 15 trading days through the Nasdaq's 'fast track' rule, thereby increasing the index's exposure to Bitcoin. According to SpaceX's latest S-1 filing, it holds 18,712 BTC, valued at approximately $1.45 billion. When combined with Tesla's 11,509 BTC, the two companies under Musk would become significant Bitcoin asset holders within the Nasdaq 100. Strategy CEO Phong Le noted, 'With the SpaceX IPO, the Magnificent 7 will become the Magnificent 8, with 25% of the companies' balance sheets holding Bitcoin.' However, analyst Nic Puckrin believes that the SpaceX IPO could be 'bad news' for tech stocks. Following its inclusion in the Nasdaq 100, passive funds would need to buy SpaceX and sell existing constituents like Nvidia, Apple, and Microsoft, potentially creating a large-scale capital siphoning effect. Reports indicate that Bitcoin has recently shown a high correlation with large tech stocks, with a 30-day correlation of approximately 0.81 between BTC and the Magnificent Seven ETF (MAGS). Analysts suggest that if tech stocks face pressure due to index rebalancing, Bitcoin may also experience short-term downward risks.
BTC-2.5%
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