PANews reported on June 11th that, according to The Block, SpaceX's IPO on Thursday could have a significant impact on the crypto market, with some investors potentially selling crypto assets to buy SpaceX stock. Spencer Hallarn, Global Head of OTC Trading at GSR, stated that the IPO needs to raise $75 billion, and the funds must come from somewhere. Vetle Lunde, Head of Research at K33, pointed out that investor expectations surrounding hot IPOs like SpaceX may be depressing Bitcoin prices. Jeff Park, an advisor at Bitwise, stated that Bitcoin is being used to fund upcoming high-profile transactions in the market.
Meanwhile, cryptocurrency trading activity related to SpaceX has been quite active. Samar Sen, Vice President of International Markets at Talos, stated that the native crypto market is enabling 24/7 trading and transparent valuation signals before major public offerings. Talos data shows that SpaceX perpetual contracts are trading at approximately $155, higher than the IPO price of $135, with open interest exceeding $385 million and cumulative trading volume reaching $2.7 billion, covering exchanges such as Hyperliquid, Binance, and OKX. Alvin Kan, COO of Bitget Wallet, stated that self-custodied wallets are becoming an important channel for accessing capital markets, and Bitget's tokenized SpaceX IPO subscription has increased from $3 million to $13 million, achieving oversubscription.
