business
SpaceX’s $600 billion plunge erased nearly half of bitcoin’s market cap in three days.
Key takeaways
- Bitcoin fell less than 1% over the same stretch, holding near $63,600, per CoinDesk data.
- The stock dropped 16% on Monday to $154.60, its lowest since its June 12 debut, taking its three-day decline to about 23%.
- SpaceX chose to borrow rather than issue new shares, which would have diluted existing holders.
Bitcoin fell less than 1% over the same stretch, holding near $63,600, per CoinDesk data.
The stock dropped 16% on Monday to $154.60, its lowest since its June 12 debut, taking its three-day decline to about 23%. The trigger was supposedly a plan to sell at least $20 billion of bonds, the company's first time borrowing in the debt markets, to fund the artificial-intelligence buildout it took on when it bought Elon Musk's xAI in February.
SpaceX chose to borrow rather than issue new shares, which would have diluted existing holders. A week ago it, was worth nearly $2.5 trillion and had briefly passed Amazon and Microsoft but now sits just above $2 trillion.
Article preview — originally published by CoinDesk. Full story at the source.
Read full story on CoinDesk →
More top stories
Also covered by
Aggregated and edited by the Scoop newsroom. We surface news from CoinDesk alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop