Analysis: SpaceX IPO Could Expand Nasdaq's Bitcoin Exposure, But May Create Short-Term Selling Pressure on Tech Stocks and Bitcoin Funds
BlockBeats News, May 22nd. Analyst Yashu Gola stated that SpaceX plans to have 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 include 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 corporate balance sheets 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 constituents like Nvidia, Apple, Microsoft, potentially causing a significant fund-siphoning effect.
Reports indicate that Bitcoin's recent price movements have been highly correlated with large-cap tech stocks. The 30-day correlation between BTC and the Magnificent Seven ETF (MAGS) is currently around 0.81. Analysts suggest that if tech stocks come under pressure due to index rebalancing, Bitcoin may face short-term downside risks.
