Grayscale Reveals The One DAT That Could Beat MicroStrategy’s Bitcoin Treasury

Grayscale Research says SpaceX is on track to become the largest diversified public company holding Bitcoin (BTC). The Elon Musk-led space firm disclosed 18,712 BTC on its balance sheet ahead of an early June listing.

At a current BTC price near $75,954, the holding is worth roughly $1.42 billion. That equals about 0.1% of the $1.75 trillion market capitalization SpaceX is reportedly targeting at IPO.

Why SpaceX Stands Apart From MicroStrategy

Grayscale separates corporate Bitcoin holders into two camps.

• Pure-play digital asset treasuries (DATs) like MicroStrategy hold tokens primarily as a vehicle for equity investors.

MicroStrategy’s record BTC stack now sits near 843,738 coins with limited operating revenue outside that position.

• SpaceX sits in the second camp alongside Tesla’s Bitcoin treasury, Coinbase, and Block.

Its rockets, Starlink network, and government space contracts generate revenue independent of crypto markets. The Bitcoin reserve serves as a small hedge rather than the centerpiece of the balance sheet.

That distinction matters for how investors model the stock. A diversified business with a small BTC position carries different risks than a leveraged Bitcoin proxy.

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Grayscale Expects More Corporate Adopters

In its report, the firm said corporate buyers often allocate to Bitcoin for the same reason other investors do. The most common motivation cited is portfolio diversification against fiat currency risk.

The asset manager’s 2026 crypto themes point to more diversified businesses following the same path in coming years.

“SpaceX is about to become the largest public company holding Bitcoin,” Grayscale stated.

At least 100 publicly traded firms have adopted some form of BTC treasury policy. Combined holdings now total around 1.24 million Bitcoin, more than 5% of total supply.

The corporate Bitcoin adoption surge keeps drawing in firms outside traditional finance.

MicroStrategy will still dwarf SpaceX in absolute terms. Its stack is more than 45 times larger and trades primarily as a Bitcoin proxy.

SpaceX’s stake, by contrast, will function as a small line item beside its space, satellite, and AI ventures.

SPCX is set to debut on Nasdaq June 12. Early activity in the SpaceX pre-IPO trading market already gives traders a way to position before listing day arrives.

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