Bloomberg · SpaceX · Coinbase · Bitcoin · CoinDesk
The roadshow opened Thursday already oversubscribed, with more orders than shares on offer, Bloomberg posted
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Bitcoin fell roughly 16% over the same timespan and briefly traded below $60,000 before recovering to around $61,000, data.
Key facts
- Bitcoin fell roughly 16% over the same timespan and briefly traded below $60,000 before recovering to around $61,000, data
- The Elon Musk-owned rockets, satellite and AI company SpaceX is selling up to 30% of its record $75 billion offering straight to retail investors through Robinhood, Fidelity and Charles Schwab, more
- Spot bitcoin ETFs, the exchange-traded products that hold bitcoin directly, bled for 13 straight sessions through June 3, a record stretch worth about $4.4 billion before a small $3 million inflow
- Bitcoin and ether did see heavy withdrawals on Friday, 66,470 bitcoin and about 2.49 million ether moving off exchanges, among the biggest single-day totals of the year on CryptoQuant's data
Summary
SpaceX’s $75 billion IPO, valuing the company at about $1.8 trillion, is unusually directing up to 30% of shares to retail investors via platforms like Robinhood, Fidelity and Charles Schwab. Despite online speculation that crypto holders are selling bitcoin to buy into the SpaceX offering, stablecoin flows and on-chain data show no clear signs of abnormal cashing out from crypto markets. The most evident source of crypto outflows has been spot bitcoin and ether ETFs, which saw record multi-session redemptions totaling about $4.4 billion before modest inflows resumed. Some online chatter seems to speculate that retail investors may be selling crypto to chase the biggest IPO ever. The Elon Musk-owned rockets, satellite and AI company SpaceX is selling up to 30% of its record $75 billion offering straight to retail investors through Robinhood, Fidelity and Charles Schwab, more than three times the slice a typical IPO sets aside for individuals.