Analysis: SpaceX IPO Could Expand Nasdaq's BTC Exposure, But May Create Short-Term Headwinds for Tech Stocks and Bitcoin Fund Flows
BlockBeats News, May 22nd, analyst Yashu Gola stated that SpaceX plans to conduct a $75 billion IPO in June. If the post-listing valuation reaches $17.5 trillion to $20 trillion, it may enter the Nasdaq 100 index within 15 trading days through the "fast entry" rule and increase the index's exposure to Bitcoin.
According to SpaceX's latest S-1 filing, it holds 18,712 BTC, worth around $1.45 billion. If we add Tesla's 11,509 BTC holdings, Musk's two companies will become significant Bitcoin asset holders in the Nasdaq 100. Strategy CEO Phong Le stated, "With the SpaceX IPO, the Magnificent Seven will become the Magnificent Eight, with 25% of the companies on the balance sheet holding Bitcoin." However, analyst Nic Puckrin believes that the SpaceX IPO could be "bad news" for tech stocks. After being included in the Nasdaq 100, passive funds will need to buy SpaceX and sell existing component stocks like Nvidia, Apple, Microsoft, which could create a large-scale fund-siphoning effect.
Reports suggest that Bitcoin's recent trend has been highly correlated with large-cap tech stocks, with BTC's 30-day correlation with the Magnificent Seven ETF (MAGS) currently around 0.81. Analysts believe that if tech stocks are under pressure due to index rebalancing, Bitcoin may also face short-term downward risks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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