CZ Rules Out Selling SpaceX (SPCX) Stake Worth Over $1 Billion

CZ Dismisses Sale Talk on SpaceX

Binance founder Changpeng Zhao said on Saturday that SpaceX will be “one of the best stocks to hold for a long time to come,” rejecting suggestions that he had threatened to dispose of the exchange's holding in Elon Musk's aerospace company. His remarks followed a Friday session in which the stock finished at $134.72, a shade below the $135 price at which it listed in June, a result that leaves buyers from the June debut slightly underwater. Binance's exposure is substantial: the exchange holds more than $1 billion worth of SpaceX (SPCX) shares, a position that traces back to a $500 million bet placed on Musk's 2022 takeover of Twitter. The friction started on Friday, when Zhao cited those shares while tallying the shortfall from the roughly $6 billion hack that hit the exchange, and some users read the reference as a warning that a sale was coming. He rejected that reading. In a post on X, Zhao wrote that he never said “selling SPCX shares,” that he does not make threats, and that he expects the company to stay among the best holdings for years. Binance's co-CEO Yi He has already addressed the damage from the breach, saying the company's revenue this year covers the losses from the $6 billion theft, which frames the SpaceX position as a balance-sheet asset rather than a distressed one. The post did not say whether the exchange has added to or trimmed the stake since the June listing. A holder of this size moving unilaterally could swing a young listing, which is why the clarification drew as much attention as the original tally. Saturday trading has already undone part of Friday's dip: COINOTAG data shows the shares changing hands at $137.81, back above the $135 listing price.

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December 8 Unlock and Analyst Targets

The supply calendar is the next test for the shares. Lockups bar early investors from selling for a set period after a listing, and SpaceX's final batch of locked-up shares becomes sellable on December 8, according to the schedule published for the listing. Commentary around that schedule argues the tradable float could roughly triple in December, and the date lands 10 days before December 18, when a heavy set of options contracts expires. Those contracts price a move of about $19, or 14%, in either direction, which implies a range of roughly $117 to $155 through mid-December. History offers a counterexample to the usual lockup-overhang story: when more than 911 million insider shares unlocked on August 6, the first major release since the listing, the stock rose more than 6% toward $115 instead of selling off. Sell-side coverage has stayed constructive through the dip. Of 35 analysts tracked, 29 rate SpaceX a Buy, and their average target of $250.34 sits about 86% above Friday's close. Even the lowest target on the board, Piper Sandler's $140, sits above where the shares finished the week, though the spread from $140 to above $250 shows how far apart estimates run. The bear case is valuation rather than demand: the stock trades at roughly 518 times its annual profit, a multiple that leaves little margin for error even after third-quarter revenue jumped 161% to $14.57 billion. Whether December's supply is absorbed that easily is the question the options market is already paying to hedge, and an expected move of that size reflects real two-way risk rather than a one-way bet.

Where the Stock Trades Now

The market has already repriced Friday's dip. COINOTAG's daily reading shows SpaceX (SPCX) last at $137.81, up 1.11% over 24 hours and back above the $135 listing line, with the session range running from $136.28 to $138.26. COINOTAG's composite scoring rates the nearest support, at the Bollinger Bands lower band, at $134.58, scored 69 out of 100, while the strongest overhead resistance sits at $142.60 with a perfect 100 out of 100. Momentum stays soft: the daily RSI reads 35.9 and the trend filter still marks a downtrend, while open interest on the stock perpetual stands near $596 million. The trade now sits between the $134.58 floor, the nearest level below the market, and $142.60 above; until that resistance breaks, the bounce reads as a move inside a downtrend.