SpaceX's Tenuous Link to Bitcoin Exposed

SpaceX's recent stock performance has been closely tied to its Bitcoin holdings, but a closer look at the numbers reveals that the connection is much weaker than many are letting on.

The company holds approximately $1.18 billion worth of BTC, which represents about 0.076% of its market value of around $1.56 trillion.

For comparison, Tesla's Bitcoin holdings are worth around 11 basis points of its valuation, and Strategy's holdings are even higher, at over 100% of its enterprise value.

The hype surrounding SpaceX's Bitcoin exposure has been driven in part by the company's large IPO and subsequent stock price volatility, but a closer examination shows that the two are largely unrelated.