Grayscale: SpaceX Expected to Become Largest Public Company Holding Bitcoin

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).

“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.”

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.

“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.”