Key Points

The SpaceX IPO will absorb substantial liquidity across financial markets.
Portions of that liquidity may originate from cryptocurrency holdings.
Assets could therefore encounter ongoing selling pressure.
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SpaceX (NASDAQ: SPCX) begins trading this week on the Nasdaq exchange via the largest initial public offering ever recorded. The $75 billion raise values the firm near $1.75 trillion at its Friday opening. Institutional investors seeking to participate will likely sell other assets, placing crypto positions under scrutiny. Bitcoin has already declined by about half its value since October 2025.

Market observers note that major listings of prominent companies typically pull capital from higher-risk holdings, particularly those showing recent weakness. Cryptocurrency stands out as a probable source. The question remains how digital asset prices will behave after the SpaceX shares begin trading.

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How the listing is expected to be a headwind for crypto

Crypto markets run continuously and function like an always-available source of cash. Positions convert to dollars rapidly, allowing quicker redeployment than traditional brokerage transfers permit.

Pressure is evident already, shown by Bitcoin's 21 percent decline over the past 30 days. Spencer Hallarn, global head of over-the-counter trading at GSR, described crypto as a "funding currency" for the current IPO cycle. Even Strategy, the largest corporate Bitcoin advocate, reduced its holdings for the first time since 2022. The move worsened sentiment around near-term prospects and may prompt additional investors to shift capital, despite Strategy having no plans to participate in IPOs.

SpaceX represents only the start of a broader IPO period that will sustain pressure on crypto capital. Expected listings from OpenAI and Anthropic are months away. For investors comparing crypto to high-profile technology shares, the effect is likely to last multiple quarters rather than a brief period.

Will any of the money come back?

Following the SpaceX offering, early investors may realize gains. A portion of proceeds could return to major cryptocurrencies such as Bitcoin or Ethereum. Similar rotations have supported crypto prices previously, and current bear-market conditions present compelling valuations.

Investors should avoid assuming large-scale returns to crypto. The asset class remains unpopular, and available cash may instead pursue the next artificial intelligence offering or semiconductor equities for further speculative exposure.

Therefore, avoid selling coins to chase IPO allocations. Should leading cryptocurrencies reach deeper discounts, consider adding to Bitcoin and other holdings where conviction exists. Until then, recognize that this IPO season will present challenges.

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Alex Carchidi has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.