The largest company on public markets now holds bitcoin as a treasury reserve, not as a business model. Its first earnings cycles will test which version of corporate crypto survives a bear market. SpaceX’s record-breaking Nasdaq debut also introduced the largest bitcoin position ever attached to an IPO, with 18,712 BTC held as a strategic cash reserve. Unlike dedicated bitcoin vehicles such as Strategy or crypto treasury firms, SpaceX treats its roughly $1.29 billion bitcoin stake as a small,…
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