Daily Observation of Cryptocurrency Concept Stocks: How will SpaceX, which goes public on June 12 and holds 18,712 BTC, reshape the structure of the cryptocurrency market as a $1.75 trillion giant?

SpaceX's BTC Holdings: Silent Floating Profit at an Average Price of $35,320

SpaceX disclosed in the S-1 amendment submitted on June 1 that as of March 31, 2026, it holds 18,712 BTC, with a total purchase cost of approximately $661 million and an average price of about $35,320; based on the current market price of around $61,000, the book floating profit is approximately $470 million (floating profit rate of about 71%); BTC is stored in a Coinbase Prime institutional custody account and has not changed since the end of 2024. The company's original holdings were 25,724 BTC purchased in 2021, and the current holdings have decreased by about 7,012 BTC from the original amount, with the SEC filing not disclosing the reasons and timing for the reduction. The IPO pricing is $135 per share, issuing 555,555,555 Class A common shares, with an expected fundraising of about $75 billion. Polymarket predicts a 70% probability that the IPO valuation will exceed $2 trillion.

Coinbase's Dual Dividends: Custody Revenue + First-Mover Advantage in Derivatives

The positive impact of SpaceX's listing on Coinbase Global, Inc. (NASDAQ: $COIN) is reflected in two aspects. First is custody revenue: SpaceX's entire BTC holdings are custodied through Coinbase Prime, and if SpaceX maintains or even expands its BTC holdings after the listing, Coinbase will continue to earn institutional custody fees; if SpaceX chooses to sell BTC after the listing, transaction fees will also generate considerable income. Second is the first-mover advantage in derivatives: Coinbase launched the perpetual contract (SPCX-PERP) for SpaceX's pre-listing on June 4, with the product settled in USDC, offering up to 5x leverage and available for trading around the clock; Brian Armstrong called it "the best way to help private companies discover prices"; after the listing, SPCX-PERP will automatically convert to a standard SpaceX perpetual contract, making Coinbase one of the most important trading platforms for SpaceX derivatives globally. This dual layout of "custody + derivatives" keeps Coinbase in a core position throughout SpaceX's lifecycle, making it one of the most defensive structural income sources for $COIN during the current downturn in BTC prices.

BlackRock IBIT's Liquidity Variables: Time Boundaries of the IPO Siphoning Effect

Market analysis suggests that SpaceX's IPO, as one of the core sources of capital siphoning effects, is a significant driver of the recent continuous net outflows from Bitcoin spot ETFs—institutional investors are shifting funds from passive BTC holdings like IBIT to participate in SpaceX's IPO subscriptions and related derivatives trading. However, this siphoning effect has a time limit: after SpaceX completes its listing on June 12, some of the raised funds will flow back into risk asset allocations; combined with SpaceX's substantial BTC holdings as a backing, this will further reinforce the narrative that "Bitcoin is a cross-asset class institutional allocation tool." BlackRock, Inc. (NYSE: $BLK) currently holds about 800,000 BTC in its IBIT, and if market sentiment recovers after SpaceX's IPO, IBIT is expected to be among the first to see a return of funds—historically, the 2-4 weeks following large IPOs often serve as a recovery window for previously pressured assets.

$61,000 Bitcoin and $1.75 Trillion SpaceX Create This Week's Largest Valuation Contrast

This week (June 8-12) is the most concentrated week of convergence between the crypto market and traditional capital markets in 2026 to date: Bitcoin is struggling to hold around the $60,000 mark, while SpaceX, valued at $1.75 trillion, simultaneously holds about 18,712 BTC—what this coexistence conveys is that regardless of short-term price fluctuations, Bitcoin is increasingly being included in the balance sheets of top global institutions outside the financial sector, and the continuity of this trend has surpassed any single short-term price signal. Another key observation point this week: the collaboration between Morgan Stanley and Galaxy Digital has lowered the threshold for institutional-grade crypto assets to ETP services to $5 million, marking the first systematic decrease in friction costs for high-net-worth clients entering Bitcoin ETFs—if market sentiment stabilizes after SpaceX's listing, this new channel will become an important accelerator for the return of funds to IBIT. The full Senate vote on the CLARITY Act is still ongoing, and the legislative outcome this month, along with the market trends after SpaceX's listing, will jointly determine the underlying narrative framework for crypto concept stocks in H2.

Data source: https://bbx.com/ Crypto concept stock information database, compiled based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.