When Elon Musk's ***** eX (Nasdaq: SPCX) made its public debut on June 12, crypto traders were ecstatic that a publicly listed Wall Street giant holds Bitcoin (BTC) on its balance sheet.
The accumulation is not surprising, given that Musk himself has hailed cryptocurrencies like Bitcoin. Even Musk's father once disclosed that his tech tycoon son holds a considerable amount of Bitcoin.
Related: ***** yst sends blunt message on Elon Musk's Bitcoin ties
Grayscale's Head of Research, Zach Pandl, predicted ***** eX could herald a trend of large public companies holding Bitcoin in their treasuries.
But as Bitcoin failed to consolidate any recovery ahead of the ***** eX IPO, Bitwise advisor Jeffrey Park argued it was the hype around these IPOs that was drawing capital from Bitcoin into these newly public companies.
The accumulation is not surprising, given that Musk himself has hailed cryptocurrencies like Bitcoin. Even Musk's father once disclosed that his tech tycoon son holds a considerable amount of Bitcoin.
Related: ***** yst sends blunt message on Elon Musk's Bitcoin ties
Grayscale's Head of Research, Zach Pandl, predicted ***** eX could herald a trend of large public companies holding Bitcoin in their treasuries.
But as Bitcoin failed to consolidate any recovery ahead of the ***** eX IPO, Bitwise advisor Jeffrey Park argued it was the hype around these IPOs that was drawing capital from Bitcoin into these newly public companies.
2 months ago
