SPCXB Holds Near $209 as BingX Completes Pre-IPO Delivery, Russell Adds SPCX June 18

SPCXB News

The collapsed exchange FTX could deliver larger-than-expected recoveries to its creditors thanks to a pre-bankruptcy stake in SpaceX, acquired in 2022 through venture firm K5 Global. As the rocket-maker’s valuation has climbed past $2.5 trillion following its public-market debut, victims tracking the bankruptcy estate now anticipate richer payouts. The estate has already distributed roughly $10.3 billion to customers, and creditor advocates project final distributions could reach 171% of claims for holders owed more than $50,000. A January settlement with K5 Global resolved an earlier lawsuit, leaving the recovery trust positioned to monetize the SpaceX exposure as the stock continues to appreciate.

SpaceX priced its initial public offering at $135 per share on June 12, raising roughly $75 billion in the largest listing on record. Four days later the company unveiled a $60 billion all-stock acquisition of Anysphere, the AI coding firm behind Cursor, deepening its push beyond launch services and satellite internet. The stock surged as much as 14% in the sessions after listing, briefly lifting SpaceX’s market capitalization past $2.7 trillion and overtaking Amazon. The tokenized SPCXB market, which mirrors the equity on a 24/7 blockchain venue, tracked the rally closely before momentum cooled, underscoring how quickly the newly public giant has reshaped speculative flows.

Elon Musk’s personal fortune has climbed above Bitcoin’s entire market value, a milestone underscoring how rapidly SpaceX’s debut has redrawn global wealth rankings. With shares trading above $200, Musk’s net worth reached roughly $1.32 trillion, edging past Bitcoin’s approximately $1.29 trillion capitalization. The comparison is possible partly because the broader crypto market has cooled from last year’s peak near $4.21 trillion to about $2.23 trillion, with Bitcoin down more than 50% from its late-2025 all-time high near $126,000. Capital has rotated toward large technology stocks and newly listed growth names, leaving SpaceX as the market’s crowded new outlet for speculative risk appetite.

The SpaceX mania has spilled into digital assets, with traders rotating into select altcoins as macro catalysts stack up. Alongside the listing, a newly brokered Trump-backed Iran peace framework injected fresh risk appetite, lifting names tied to momentum and decentralized finance. XRP changed hands near $1.21, up nearly 9% on the week, supported by steady whale accumulation and continued spot-ETF inflows. Uniswap’s UNI led the move, surging more than 24% in a single session and almost 50% over seven days. The frenzy illustrates how a single blockbuster equity event can ripple across the broader market, reshaping positioning far beyond the underlying stock.

Prominent growth investor Cathie Wood’s ARK Invest committed $529.7 million to SpaceX on its first trading day, buying 3.29 million shares at the $135 IPO price while simultaneously trimming its long-held Tesla position. The June 12 swap, executed as SpaceX shares jumped 19% and Musk’s net worth crossed $1 trillion, signals a clear shift in conviction between two of Musk’s flagship ventures. ARK favors SpaceX’s fast-growing and profitable Starlink division, though risks remain: the company disclosed an accumulated deficit of $41.3 billion as of March 31 and has never paid a dividend. Its retail IPO allocation reached an unusually high 30% of the offering.

Beneath the rally, sophisticated traders are positioning for a pullback. On Hyperliquid, where SpaceX trades as one of the busiest perpetual markets increasingly dominated by algorithmic and AI trading bot flows, open interest swelled to about $304 million. On-chain analytics show smart-money wallets net short roughly $20.8 million, with 91% of their exposure tilted bearish, while tracked whales held a $23.7 million net short. Combined, monitored cohorts carried a $45.3 million bet against the climb, much of it built from near the $167 IPO level through the run toward $208. One counterweight persists: positive money-flow readings suggest large buyers were still accumulating, the lone signal keeping the bullish case intact.

COINOTAG’s proprietary 42-indicator composite scoring engine rates the $198.66 resistance at 65/100 — its strongest overhead barrier (as of 23:18 UTC) — driven by the confluence of the daily pivot point, VWAP and the prior-day high, with a secondary 63/100 ceiling at $197.45. On the downside, the engine scores the $185.21 support at 57/100, anchored by the Fibonacci 0.618 retracement and a high-volume node. With spot near $194.62 after a 4.83% daily slide and the Fear & Greed Index mired at 22 in Extreme Fear, bias stays defensive across this bear market backdrop. A reclaim of $198.66 would reopen the $202–$230 band, while a daily close below $185.21 would invalidate the bullish thesis and expose deeper support near $173.