[DigitalToday reporter Hyunwoo Choo (추현우)] SpaceX is pursuing a $75 billion initial public offering in June while holding 18,712 BTC. Cointelegraph, a blockchain media outlet, reported on May 22 (local time) that this is the largest confirmed bitcoin holding among companies preparing to list or that have recently filed listing documents.

SpaceX recently disclosed in its S-1 filing that it holds bitcoin worth about $1.45 billion. Tesla also holds 11,509 BTC, so if SpaceX lists, the Nasdaq 100's bitcoin exposure could expand beyond Tesla's. That would mean two large listed companies linked to Elon Musk both hold bitcoin.

The market is also watching the possibility that SpaceX could join the Nasdaq 100 early. Under Nasdaq fast-entry rules, a large IPO can be added to the index within 15 trading days of listing. If SpaceX's valuation forms around $1.75 trillion to $2.0 trillion after the IPO, it could quickly rise to become a major index constituent.

Phong Le, chief executive of Strategy, said the SpaceX IPO would turn the Magnificent 7 into the Magnificent 8. That means SpaceX could be added to Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla.

Some forecasts also said existing tech stocks could face a short-term burden. Analyst Nick Perkline said that if SpaceX enters the Nasdaq 100 through fast entry, passive funds would have to sell other stocks to buy SpaceX. JPMorgan estimates Nvidia could face more than $20 billion in passive outflow pressure and Apple about $16 billion. Microsoft, Amazon, Alphabet, Broadcom, Meta and Tesla were also included in the rebalancing targets.

Bitcoin is also within the reach of this trend. In 2026, bitcoin has shown a high correlation with mega-cap tech stocks, and as of the 30th the correlation coefficient with the Roundhill Magnificent Seven ETF was about 0.81. If investors cut allocations across risk-on assets, bitcoin could also face short-term downward pressure.

On-chain indicators also pointed to slowing demand. Bitcoin's apparent demand fell to its lowest level in the past four months, and the price moved within a rising bear flag since February. A short-term downside target was presented at $73,000 to $74,000. A rebound from that area could lift it to around $85,000, but if it clearly falls below the lower trend line, the pattern could open the possibility of an additional drop to $56,000.