A whale has placed roughly $203.47 million in limit short orders against tokenized SpaceX shares, betting on a pullback just as trading volume around the stock has surged to record levels.
Key Takeaways
A whale placed $203.47 million in limit short orders on tokenized SPCX between $141.93 and $142.90.Tokenized SPCX volume hit $700 million over two days in early August around a 911.5 million-share unlock.Elon Musk separately disclosed a 48.4% SpaceX stake worth over $900 billion in a new SEC filing.Rather than selling off on the unlock as some investors feared, the stock rallied 6.1% to close at $114.92 that day, a move that left short sellers who had bet on unlock-driven weakness on the wrong side of the trade. The whale’s new short, placed roughly a week later at levels above $140, suggests at least one large trader believes the stock has run too far, too fast.
Separately tracked whale activity showed a mix of new long and short entries at the million-dollar level in the same window, showing just how contested the stock has become among large traders since its market debut.
Musk’s Stake Disclosure Adds to the BackdropThe filing breaks the stake down into 849.5 million Class A shares and 3.92 billion Class B shares held through trusts where Musk serves as trustee, another 1.3 billion restricted Class B shares held directly, and 350 million Class B shares issuable through stock options. Class B shares carry ten votes each versus one vote for Class A shares, giving Musk sole voting and dispositive power over more than 82% of SpaceX’s total voting power.
That said, whether the whale’s short bet pays off will depend largely on how SPCX trades in the days following the disclosure-driven news cycle around Musk’s stake and the aftermath of the August 6 share unlock.
