Elon Musk’s SpaceX plans to go public in early June. According to its latest S-1 statement, the company owns 18,712 Bitcoin (BTC), worth about $1.4 billion1. That would make SpaceX the largest public company holding BTC, based on prediction market estimates of its post-IPO valuation. There are effectively two types of corporate HODLers (Exhibit 1): Digital Asset Treasuries (DATs): Strategy is the largest corporate holder of Bitcoin (~850k BTC worth ~$65bn²). It has a relatively small operating business compared to the size of its BTC holdings³. Strategy and other DATs serve primarily as Bitcoin access vehicles for ... (full story)