Key Takeaways:
Grayscale said Elon Musk’s SpaceX could become the most valuable public company holding bitcoin.Diversified businesses may increase BTC allocations as treasury-focused firms dominate current rankings.SpaceX’s IPO could expand investor visibility into corporate bitcoin balance-sheet strategies.Grayscale Head of Research Zach Pandl divided corporate bitcoin holders into two categories. Digital asset treasuries (DATs) primarily exist to provide investors with BTC exposure through public markets. Strategy is the largest DAT, currently holding 843,738 BTC. Diversified businesses, by contrast, hold bitcoin alongside operating businesses as part of broader treasury management. Musk’s SpaceX and Tesla fall into that category, with Tesla ranking 12th among public-company holders at 11,509 BTC. Pandl wrote:
Public Bitcoin Treasury Market Faces New SpaceX Benchmark Corporate bitcoin treasury strategies could draw greater investor attention as more operating businesses enter public BTC holder rankings alongside dedicated treasury firms. Grayscale’s head of research added:
