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SpaceX holds 18,712 BTC — is this a stress test for corporate BTC treasuries?
SpaceX holds 18,712 BTC, with a market value evaporating by 900 billion in a single day. This is a direct stress test for the narrative of corporate BTC treasuries.
If SpaceX’s valuation continues to decline, the “success story” effect of companies holding BTC in the open market will be significantly diminished. Other companies will think: even a market darling like SpaceX, holding BTC, couldn't prevent its valuation from collapsing, so why should we follow suit?
I believe a clear negative signaling effect will occur. Companies will become more cautious in their decision to establish BTC treasuries, especially publicly listed companies. The MicroStrategy model will require stronger fundamentals to be replicable.