SpaceX stock lost over $600B in three days after a bond sale announcement, a drop close to half of Bitcoin's entire market cap.
Bitcoin News
SpaceX stock lost more than $600 billion in market value over three trading days after SpaceX announced its first bond sale. The drop equals close to half of Bitcoin's (BTC) $1.3 trillion market cap.
Bitcoin moved very little during the same stretch. The token fell less than 1% and held near $63,600. SpaceX stock fell 23% in the same window, showing how differently the two assets reacted to the same news.
Bond Sale Triggers Sharp Stock Decline
SpaceX stock dropped 16% on June 22 to $154.60, its lowest price since its June 12 debut. The decline pushed the three-day loss to about 23%.
The drop followed the announcement of a plan to sell at least $20 billion in bonds. This marked the company's first time borrowing in the debt markets. SpaceX said it would use the funds for the artificial intelligence buildout tied to its purchase of Elon Musk's xAI in February 2026.
SpaceX chose to borrow money instead of selling new shares. Issuing new stock would have diluted current shareholders. A week earlier, the company was worth nearly $2.5 trillion and had briefly passed Amazon and Microsoft in value. It now sits just above $2 trillion.
The selling continued into Tuesday. A perpetual futures contract tracking SpaceX on Hyperliquid fell another 15% to around $151.
Ark Invest, the firm led by Cathie Wood, bought close to $32.5 million worth of SpaceX shares on Monday as the stock fell. The firm purchased 210,121 shares across four exchange-traded funds (ETFs), including its Innovation fund and its Space and Defense Innovation fund. SpaceX became the sixth-largest holding in the Innovation fund, with a weighting of 4.46%, worth $313.7 million.
Related Article: SpaceX IPO Blasts Off as Bitcoin ETF Selling Eases — Did Crypto Markets Bottom?
AI Trade Wobble Spreads to Markets
Part of the swing came from how SpaceX trades. Only a small share of its stock is available for trading, a setup known as low liquidity. This structure makes price moves bigger than they would be for a more widely held stock.
Bitcoin's market works differently. It is deeper and more liquid, which is part of why the token held steady through the same week. Spot and derivatives volume spread across many exchanges keeps Bitcoin's price more stable than a single thinly traded stock.
Both assets are still tied to the same broader trend. The Nasdaq fell 1.3% on Monday as investors questioned whether heavy spending on AI by big technology firms would pay off. Alphabet and Amazon shares both slid that day.
Related Article: Crypto vs Stocks, A Comparison
That same appetite for AI-related risk has helped crypto recover this month. As such, deeper cracks in the AI trade could weaken the demand Bitcoin has leaned on. So far, the selling has been mostly contained within SpaceX stock.
Oil prices may offer some support. The United States and Iran have continued talks toward a peace agreement, and Washington issued a 60-day license allowing Iran to sell oil again. Brent crude settled below $78 a barrel. Cheaper oil eases inflation pressure, which could ease the Federal Reserve's hawkish stance and offer a slow tailwind for assets like Bitcoin.
Bitcoin is drifting near the lower end of the range it has held all month. The token sits between a wobbling AI trade and an easing oil picture. While SpaceX swung 23% in three trading days, Bitcoin barely moved at all.
Related Article: Are Tokenized Stocks the New Altcoins? On-Chain Equities Heat Up Amid SpaceX IPO
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