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IPO SpaceX and a sell-off in the cryptocurrency market
Investor demand for SpaceX’s initial public offering has exceeded $250 billion. Elon Musk’s net worth reached $982 billion, bringing him closer to “a dollar trillionaire” status. Investors are selling digital assets to buy Musk’s shares. The outflow of liquidity triggered a shortage of funds in the crypto market and became one of the main reasons Bitcoin fell 37% below its January highs.
An indirect risk comes from SpaceX’s own reserves. The company holds more than 18,000 BTC on its balance sheet. After going public, the board of directors will determine their fate. If they decide to lock in profits and sell these assets to improve quarterly reporting, it will create additional pressure on the price of Bitcoin.