SpaceX IPO Takes Off, Bringing Crypto Bears to the Fore

The highly anticipated SpaceX IPO has finally landed on the Nasdaq exchange, valuing the company at nearly $1.75 trillion in its record-breaking debut.

At $75 billion, this is the largest initial public offering (IPO) on record, and it's likely to have a significant impact on the cryptocurrency market.

According to Spencer Hallarn, global head of over-the-counter trading at GSR, a crypto trading group, 'crypto was acting as a funding currency' for the IPO wave, with Bitcoin shedding about half its value since October 2025.