The newly public SpaceX lost close to half of bitcoin's entire market capitalization in just three trading sessions this week, after the company announced its first-ever bond sale. The $600 billion rout erased roughly 45% of bitcoin's total market value — a staggering comparison even as the cryptocurrency itself barely budged, slipping less than 1% over the same period.
The numbers behind the rout
SpaceX shares began sliding Monday after the company revealed plans to issue $10 billion in bonds, its first debt offering since going public last year. By Wednesday's close, the stock had shed about $600 billion in market cap — a drop that, in dollar terms, is roughly half the entire value of all bitcoins in circulation. The sell-off accelerated through the week, with volume spiking to more than triple the 30-day average on Tuesday alone.
Why bitcoin held steady
Bitcoin's relative calm during the SpaceX meltdown surprised some traders. The world's largest cryptocurrency hovered in a tight range near $67,000, losing less than 1% even as the broader equity market took a hit. Analysts inside the industry pointed to the lack of direct correlation between SpaceX's fortunes and crypto assets. But the sheer size of the loss — bigger than the entire market cap of Ethereum — underscored how a single stock move can dwarf even the largest digital currencies.
A bond sale gone wrong
SpaceX's first bond offering was supposed to fund its Starlink expansion and next-generation Starship development. Instead, it spooked investors who questioned the company's debt load and the timing of the raise. The company had been public for just eight months and had never borrowed in the bond market before. The plunge erased nearly all the gains SpaceX had made since its IPO.
The question now is whether the sell-off spills over into other risky assets. Bitcoin's resilience this week suggests crypto traders aren't panicking yet — but a $600 billion hole in the market cap of one of the world's most valuable companies is hard to ignore.
