SpaceX (SPCX) — Market Cap vs Bitcoin NAV
SpaceX (SPCX) currently trades at a market cap vs Bitcoin NAV ratio of 1291x, which means the market values the company at 129047.6% premium to the underlying Bitcoin holdings. With 18,712 Bitcoin on its balance sheet worth $1,513,764,967 at the live spot price, and a market capitalisation of $1,954,991,500,000, SPCX holds rank #2 of 68 tracked Bitcoin treasury companies by this metric on HodlingBTC.
How SPCX's Market Cap vs Bitcoin NAV Is Calculated
The market cap vs Bitcoin NAV ratio for SpaceX is computed as the company's market capitalisation divided by the product of its disclosed Bitcoin holdings and the Bitcoin spot price. At the last update the inputs for SPCX were a market cap of $1,954,991,500,000, 18,712 BTC, and a Bitcoin spot price of 80,898. The resulting ratio of 1291x quantifies how much premium (or premium, when above 1.0x) the equity market is assigning to SPCX beyond the value of the underlying Bitcoin treasury. A ratio above 1.0x means the company is trading at a premium to the value of its Bitcoin stash; below 1.0x means a discount. The number does not account for operating businesses, capital structure, debt, preferred shares, or other liabilities that sit between common shareholders and the underlying Bitcoin.
What 1291x Means for SpaceX Shareholders
SpaceX's ratio of 1291x places the stock at a 129047.6% premium to its Bitcoin NAV. When investors pay a premium for a Bitcoin treasury equity, the additional value typically reflects the company's operating business, ability to issue new shares accretively, exposure to future Bitcoin acquisition, or simply the convenience of holding Bitcoin exposure inside a regulated equity wrapper. Premiums can compress quickly if dilution accelerates or if the underlying Bitcoin acquisition slows. The ratio is one input among several; capital structure, debt obligations, share class differences, and operating cash flow all influence what shareholders actually receive per share of SPCX.
SPCX vs Other Bitcoin Treasury Companies
How SPCX compares against the 4 companies ranked closest by market cap vs Bitcoin NAV ratio on HodlingBTC's tracker:
| # | TICKER | COMPANY | HQ | RATIO |
|---|---|---|---|---|
| 1 | TSLA | Tesla, Inc. | 🇺🇸 | 1618x |
| 2 | SPCX | SpaceX | 🇺🇸 | 1291x |
| 3 | BMNR | BitMine | 🇺🇸 | 922x |
| 4 | VIRT | Virtu Financial, Inc. | 🇺🇸 | 301x |
| 5 | AKER | Aker ASA | 🇳🇴 | 209x |
See the full ranking for every public Bitcoin treasury company on the Market Cap vs Bitcoin NAV page.
Frequently Asked Questions
What is SpaceX (SPCX)'s market cap vs Bitcoin NAV ratio?
SpaceX trades at a market cap vs Bitcoin NAV ratio of 1291x, calculated as its market capitalisation of $1,954,991,500,000 divided by the value of its 18,712 BTC holdings ($1,513,764,967 at the last recorded Bitcoin spot price). This represents a 129047.6% premium to the underlying Bitcoin NAV.
Why is SPCX trading at a premium to its Bitcoin NAV?
premium values reflect the market's view of SpaceX beyond its Bitcoin holdings alone. A premium typically indicates investors are paying extra for the company's operating business, capital structure access, optionality on future Bitcoin accumulation, or the convenience of equity exposure to BTC.
How often is SPCX's market cap vs Bitcoin NAV updated on HodlingBTC?
The figures on this page are a snapshot, recalculated a few times each trading day rather than quoted live. Bitcoin spot price is sourced from Coinbase, market capitalisation from the latest available share count multiplied by the most recent stock price, and BTC holdings from the most recent disclosed figure in SpaceX's SEC or primary-source filings.