SpaceX shares opened at $150 on Friday before rising to $162, marking a strong start to one of the most closely watched stock market debuts in recent years.
The aerospace and satellite internet company priced its initial public offering at $135 per share on Thursday. SpaceX sold 555.6 million shares, raising $75 billion in what stands as the largest IPO ever.
Bitcoin BTC$63,849.74 was roughly flat at $63,400, while AI-related crypto stocks saw modest gains.
Trading under the ticker SPCX on Nasdaq, the company had been valued at roughly $1.8 trillion based on the IPO price.
The debut gives public investors their first chance to own shares in a company that has reshaped the commercial space industry through reusable rockets and built one of the world’s largest satellite networks through Starlink. The satellite internet business has become a major source of growth, serving customers in remote areas where traditional broadband can be difficult to access.
SpaceX generated about $19 billion in revenue last year from launch services, government contracts and Starlink operations.
Elon Musk’s SpaceX launched trading on the Nasdaq today under the ticker SPCX — and it didn’t arrive empty-handed.
The company officially entered the public Bitcoin treasury leaderboard as the 8th largest holder with 18,712 BTC, a position that had been building for years before its historic IPO debut confirmed the full size of the stash.
SpaceX’s S-1 filing with the Securities and Exchange Commission first disclosed the 18,712 BTC position back in May, valued at approximately $1.29 billion at the time of filing.
The total cost basis was reported at $661 million — an average acquisition price of roughly $35,324 per coin — suggesting the company began accumulating Bitcoin in late 2023 or earlier. At today’s prices near $63,000, the position is worth approximately $1.19 billion.
The disclosure somewhat surprised the market. Blockchain analytics firm Arkham Intelligence had previously tracked SpaceX’s holdings as low as 6,095 BTC, and the BitcoinTreasuries.net May 2026 Corporate Adoption Report noted that its pre-IPO private estimate stood at just 8,285 BTC.
The actual confirmed figure — more than double those estimates — made SpaceX’s reveal the second-largest Bitcoin treasury disclosure of May, trailing only Strategy’s 25,404 BTC in monthly purchases and accounting for more than one-third of all public treasury growth before sales.
“We expect SpaceX to rank among the top ten publicly traded Bitcoin treasuries after its anticipated June 12 IPO,” BitcoinTreasuries.net wrote in its May report — a forecast that has now materialized.
The live leaderboard, updated as of June 11, confirms SpaceX at rank #8, slotting in just behind Strive (19,032 BTC at #7) and just ahead of Coinbase Global (16,492 BTC at #9).
SpaceX shares debut higher than initial pricing
The IPO itself is historic, even without the Bitcoin angle.
SpaceX priced its shares at $135 on June 11, raising roughly $75 billion and valuing the company at about $1.75 trillion.
Reports now indicate the stock could debut at $171 per share with other reports saying $155 a share. At that price, SpaceX’s valuation would climb to approximately $2.2 trillion, potentially making Elon Musk the world’s first trillionaire.
The listing, led by Goldman Sachs and Morgan Stanley, ranks as one of the largest stock market debuts in U.S. history, surpassing Saudi Aramco’s $29 billion IPO in 2019.
The timing of SpaceX’s entry into the public crypto arena is notable given broader market headwinds. Bitcoin has shed more than 50% from its all-time high above $126,000, hovering around $64,000 in recent sessions, with spot Bitcoin ETFs bleeding $2.26 billion in outflows over two weeks.
Still, SpaceX’s Bitcoin position appears to be a long-term balance-sheet allocation rather than a trading posture. The S-1 stated: “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.”
Analysts at Grayscale noted that SpaceX is poised to become the most valuable public company holding Bitcoin by market capitalization — even as Strategy remains the largest by coin count with over 843,000 BTC.
Latest developments: VanEck recently launched the first U.S. spot BNB ETF, trading under the ticker VBNB on Nasdaq.
The fund gives investors exposure to BNB through traditional brokerage accounts.
VanEck Director of Digital Assets Product Kyle DaCruz said the firm focuses on blockchains with measurable adoption rather than purely technical promises.
The ETF has attracted roughly $2 million in assets since launch, according to DaCruz.
DaCruz joined CoinDesk’s Jennifer Sanasie and Bloomberg’s James Seyffart on Public Keys.
Why it matters: VanEck argues BNB has already achieved the user adoption many crypto projects are still pursuing.
DaCruz said BNB Chain has 33 million monthly active users and 2.1 million daily active users.
He cited roughly $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins minted on the network.
The firm’s investment thesis centers on identifying chains with active users and economic activity rather than what DaCruz called “ghost chains.”
Reading between the lines: VanEck is increasingly emphasizing blockchain revenue as a key metric for investors.
DaCruz said advisors are becoming less interested in technical distinctions between blockchains and more interested in sustainable business models.
He described BNB and Hyperliquid as examples of “revenue chains” generating tangible economic value.
According to DaCruz, BNB generates roughly $160 million in annual revenue.
Bitcoin (BTC) miners are back under pressure as data hints that a new buying opportunity is now here.
Key points:
Bitcoin miners are in the “capitulation” phase of the current bear market, data suggests.
A trader argues that there is no “clearer sign” to add BTC exposure as a result.
Bitcoin miners are now operating on sub-5% margins.
Trader on miner data: No “clearer sign” to buy Bitcoin
In an X post on Thursday, pseudonymous trader Killa warned that miners were “capitulating” based on price versus difficulty.
“You literally have miners capitulating, a signal that has historically marked the perfect time to accumulate,” they wrote.
“There isn’t a clearer sign to start accumulating $BTC.”
Bitcoin miner capitulation chart. Source: Bitbo
A chart from onchain analytics platform Bitbo shows that the current spot price relative to the last long-term mining difficulty low is punishing miners’ profitability.
This dedicated “miner capitulation” chart is now firmly in the red, repeating a pattern seen in previous Bitcoin bear markets.
In a separate forecast, Killa suggested that Bitcoin’s next bear-market low is still to come.
“Legacy markets likely correct at some point this year and mark the final pivot low for Bitcoin,” they told X followers.
“This has been the case for every cycle so far, and I see no reason to think this one will be any different.”
BTC/USD vs. S&P 500 chart. Source: Killa/X
Miners reflect “long-term value opportunities”
In X analysis this week, Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, revealed Bitcoin miners are on the edge.
“Bitcoin is trading back at its Production cost. Miners are now just breaking even on average,” he reported.
An accompanying chart compares the current BTC spot price with both the production and electrical cost. Both are important for miners, as they reflect overall profitability and, in turn, warn of any capitulatory selling.
Capriole currently puts production cost at around $61,200, with electrical cost $48,965. This gives a “miner margin” of 4.67% — near two-year lows seen at the start of June.
One argument Bankman-Fried advanced was that the funds he misappropriated were in investments that would eventually grow.
“As the district court recognized, any contention that Bankman-Fried lacked an intent to defraud because he intended to eventually repay his customers was legally misleading and prejudicial because the wire fraud statute encompasses temporary misappropriation of money or property,” the ruling said.
The panel reiterated this argument later on: “Whether the assets purchased by Bankman-Fried appreciated in value is irrelevant as to whether he committed fraud,” the ruling said.
Bankman-Fried’s team tried to argue that FTX was a margin futures trading platform, and therefore customers should have expected that they might lose some access to their funds.
“We are unpersuaded,” the ruling said. “The fact that some FTX customers opted into margin trading, and thus temporary deprivation of their money, is beside the point. Some opted into margin trading, some did not. No one opted into having their money transferred under false pretenses to Alameda.”
The panel’s ruling similarly supported Judge Kaplan’s actions throughout the trial.
The ruling matches the reception Bankman-Fried’s team saw from the panel of judges during the hearing last November, when the three-judge panel repeatedly interrupted and questioned attorney Alexandra Shapiro, who is representing Bankman-Fried.
BlackRock took another step toward introducing its bitcoin income exchange-traded fund on Nasdaq, filing a share registration document that often signals an imminent debut.
The world’s largest asset manager filed the Form 8-A for the iShares Bitcoin Premium Income ETF on Thursday, usually one of the last procedural moves before an ETF goes live.
The filing “typically means launch in one week,” Eric Balchunas, an ETF analyst at Bloomberg, wrote on X, adding that he would bet the fund, ticker BITA, starts trading on June 18.
BlackRock filed an 8-A for the Bitcoin Premium Income ETF $BITA. That typically means launch in one week. So if I had to bet I’d say next Thur $BITA goes live. We’ll see tho. pic.twitter.com/jvJY8yhslh
— Eric Balchunas (@EricBalchunas) June 11, 2026
Balchunas said a day earlier that he expected the fund to debut “very soon” and noted BlackRock was racing to beat a competing Goldman Sachs product to market. Goldman’s fund is due to go live around July 1.
BlackRock’s fund will earn income by selling call options on BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot bitcoin ETF, with $49 billion in net assets. Each month, it will write options on a portion of its holdings and collect the premium as income.
Bitcoin BTC$63,354.69 is trading near $63,000 after dipping to about $59,000 earlier this week, and some data points to pain ahead for bulls, with a possible drop to levels last seen in early 2024.
The largest cryptocurrency is now only 9% above its realized price of about $53,600, according to onchain analysis firm CryptoQuant. Realized price is the average of the prices at which the coins last moved. When the market price gets close, the average holder is barely in profit. That level has marked major bear-market floors in past cycles.
The problem, however, is demand.
Total bitcoin demand fell by 652,000 BTC last week, the largest contraction since January 2022, CryptoQuant said. Demand from ETFs is also shrinking at the fastest pace since U.S. spot bitcoin funds debuted in January 2024, showing the institutional bid that powered this cycle has turned into selling.
Sellers crystallized 187,000 BTC of losses over the past 30 days. That is painful, but still well below the 400,000 BTC loss spike in February and the 1.2 million BTC seen around the November 2022 cycle bottom.
Bitcoin climbed above $63,000 Thursday after President Trump announced via Truth Social that he was canceling scheduled U.S. military strikes against Iran and signaling that a multi-nation agreement was close, citing approvals from Israel, Saudi Arabia, the UAE, Qatar, Turkey, and other regional powers.
Bitcoin climbed above $63,000 Thursday after President Donald Trump announced via Truth Social that he was canceling scheduled U.S. military strikes against Iran and signaling that a multi-nation agreement was close.
Trump wrote that “discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved,” and that “discussions and final points have been, in both concept and great detail, approved by all parties,” naming Israel, Saudi Arabia, the UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.
Bitcoin had touched a 24-hour low of $61,101 earlier Thursday while U.S. strike threats were live before rallying to a session high above $63,600. The token was trading around $63,720, up roughly 3% on the day, per CoinGecko.
A Familiar Playbook
The price move fits a pattern that has defined Bitcoin trading through the months-long U.S.-Iran conflict. The cryptocurrency has tracked geopolitical risk closely, selling off on escalation and recovering on de-escalation. When Trump announced a five-day pause in strikes in late March, Bitcoin surged above $71,000. When ceasefire talks last produced a deal, the token spiked on short liquidations. Both of those moves faded when hostilities resumed.
Thursday’s rally came after Trump had threatened earlier in the day to hit Iran “VERY HARD TONIGHT,” including seizing the country’s Kharg Island oil hub, Bloomberg reported. The strike cancellation reversed that risk-off pressure across markets. Oil fell sharply on the news, with Brent crude retreating toward the low $90s from highs above $91.
Deal Skepticism Remains
Iranian officials had not publicly confirmed any agreement as of Thursday afternoon. Iran’s national security adviser said there would be no ceasefire without restraining Israeli actions in Lebanon, while Israel said the ceasefire did not apply to Lebanon at all, per NBC News. Earlier ceasefire agreements in this conflict collapsed within days.
Trump added that “The Naval Blockade will remain in full force and effect until this Transaction is finalized,” with the “time and place of the signing to be announced shortly,” per Fox News. The Strait of Hormuz, through which an estimated fifth of the world’s seaborne oil passes, remained subject to disruption risk pending a signed agreement.
Bitcoin remains roughly 49% below its October 2025 all-time high of $126,080, per CoinGecko, with the Iran conflict serving as a persistent drag on risk appetite across crypto markets throughout the spring.
The months of waiting have ended, and SpaceX is set to begin trading on Nasdaq today after investors pumped $75 billion into the largest IPO in history. What happens next could ripple across financial markets, including crypto.
One theory making the rounds is that recent outflows of over $5 billion from bitcoin BTC$63,621.19 ETFs, which dragged the price of the largest cryptocurrency below $60,000, were partly driven by investors pulling funds to participate in the IPO. If so, some of that capital could find its way back into crypto in the coming days, providing a lift to valuations.
The IPO cuts both ways. On one hand, a blockbuster debut signals broad market confidence, potentially drawing fresh capital and sustaining the risk-on mood that tends to lift bitcoin and the wider crypto market alongside equities.
On the other hand, there’s a note of caution. Pseudonymous analyst Doctor Profit, who correctly called bitcoin’s selloff since October, argues that record IPOs are often a hallmark of excess optimism and market tops rather than new beginnings.
