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SpaceX-linked crypto positions remain as SPCX falls below IPO price
SpaceX-linked perpetual futures still show about $615 million in open interest early Thursday, even after the SPCX selloff pulled the stock below its $135 offering price.
SpaceX’s shares in its ticker SPCX have reversed sharply just over a month after the rocket and satellite company raised $85.7 billion in what was described as the largest initial public offering in history, and the downturn has coincided with a cooldown in crypto trading tied to the stock. According to CryptoSlate, SPCX traded to a post-listing low of $132.28 on Wednesday before recovering to close at $135.27, slipping below the $135 offering price earlier in the day.
The stock’s pullback has erased significant value, with CryptoSlate citing that SPCX lost about 40% since its first week of trading and that SpaceX’s market value fell from more than $2.8 trillion at its peak to about $1.8 trillion. The outlet also said the value of Elon Musk’s roughly 42% stake fell from about $1.2 trillion to around $760 billion.
CryptoSlate reported that speculative activity has not disappeared entirely because a portion of SpaceX exposure remains routed through leveraged cryptocurrency structures. Hundreds of millions of dollars are still tied to SpaceX via leveraged cryptocurrency contracts, and tokenized versions of the stock continue circulating on blockchain networks.
In crypto derivatives markets, the selloff has reduced exchange activity but has not cleared out the position pool, the outlet said. CoinGlass data cited by CryptoSlate showed SpaceX-linked perpetual futures with about $615 million in open interest early Thursday, while volume over the prior 24 hours was about $1.6 billion, down from more than $10 billion near the peak of the post-IPO rally.