Bitcoin Holds $77.5K as SpaceX Reveals 18,712 BTC Stash Ahead of $1.5T IPO

Bitcoin News

SpaceX confirmed plans to go public, with its S-1 registration filing revealing the rocket and satellite operator holds 18,712 Bitcoin on its corporate balance sheet. As of March 31, those coins carried a fair value of roughly $1.29 billion, down from $1.64 billion at the end of December as price retracements weighed on the position. At current spot levels, the stash would be valued near $1.45 billion. The disclosure positions Elon Musk's venture as one of the most significant corporate holders of the asset, arriving just as the company targets a valuation north of $1.5 trillion in what could become the largest initial public offering in market history.

The 18,712 coin stockpile vaults SpaceX into the ranks of the seventh-largest corporate Bitcoin holders globally, placing it ahead of major exchange Coinbase and behind only a handful of treasury-focused vehicles led by Michael Saylor's Strategy, which sits atop the leaderboard with 843,738 BTC. Musk's other company, Tesla, retains 11,509 BTC by comparison. The scale of the holding is notable given prior on-chain trackers had estimated the company's wallet exposure at closer to 8,280 BTC, suggesting either dormant cold-storage addresses or accounting positions not fully visible to public clustering tools.

According to the filing, SpaceX began accumulating the asset in 2021, mirroring Tesla's well-known $1.5 billion treasury allocation that same year. The cost basis disclosed in the document totals $661 million, equating to roughly $35,000 per coin acquired. The firm had previously trimmed exposure, reportedly cutting holdings to as low as 6,095 BTC at one point before rebuilding the position. Fair-value accounting now exposes the company to mark-to-market earnings volatility, a treatment that has reshaped how listed corporates report digital asset positions and which will become a recurring line item in SpaceX's quarterly statements once public.

On the price front, Bitcoin reclaimed the $77,500 region after defending the $76,000 breakout level, with bulls attempting to convert prior resistance into firm support. However, recovery momentum is expected to encounter sellers in the $78,500 to $82,000 band, where the 20-day exponential moving average and overhead supply converge. Market technicians flag the $74,000 to $75,000 zone as the most consequential test of the current cycle, given it acted as stiff resistance in 2024 before flipping into support during retests in 2025. A decisive break there could expose deeper levels and trigger broader rotation toward prior cycle lows.

Spot ETF flow data underscored the cautious tone in institutional channels, with net outflows reaching $979.7 million across U.S. spot Bitcoin products this week. The exit pace reflects a defensive rotation as allocators reassess positioning ahead of macro catalysts and digest the recent drawdown from cycle peaks. Analysts note that should price hold the $70,700 level, BTC is likely to consolidate within a $70,000 to $82,000 range to absorb the supply overhang. The combination of ETF redemptions and sideways tape suggests a period of base-building rather than capitulation, though confirmation requires a reclaim of the 20-day EMA near $78,484.

While the majority of large-cap altcoin names continued to struggle for traction, isolated pockets of strength emerged. HYPE and ZEC outperformed the broader complex, both posting independent up-moves while peers consolidated near critical support. The divergence highlights how capital is rotating into narrative-driven plays rather than broadly bidding the sector. Market participants view sustained altcoin leadership as contingent on Bitcoin first establishing a higher low above $76,000 — without that anchor, rallies in second-tier assets risk being short-lived as risk-off flows dominate sentiment across the digital asset landscape and derivatives positioning remains skewed toward hedging.

Technically, BTC trades at $77,588 with a sideways trend and an RSI reading of 48.22, a neutral zone that affords room to move either direction without immediate exhaustion. The MACD signal remains bearish, aligning with the bearish-biased consolidation thesis. Immediate support sits at $76,827, with deeper bids at $75,080 and $72,673. Resistance is layered at $78,601, $80,474, and $82,850. A reclaim of $78,601 on volume would invalidate near-term downside pressure and open the path toward $82,850; conversely, a daily close beneath $75,080 would confirm a rotation lower and expose $72,673.