The crypto stock market shuddered: SPCX's debut surged to $2.1 trillion, leaving Tesla and Strategy behind.
SpaceX (SPCX) shares burst onto the crypto-related securities market with triumph, instantly reshaping the top ranking. The first day of trading saw a price increase of 19.22% to $160.95, with the company's market capitalization reaching a staggering $2.1 trillion.
This result allows SpaceX to surpass all current segment leaders by a colossal margin. For comparison, second-place Tesla is valued at $1.52 trillion. Trading volume for SPCX on its debut day amounted to an impressive $85.32 billion, indicating unprecedented demand from institutional and retail investors.
Who makes up the top 5 after SpaceX?
Behind SpaceX are long-standing players in the crypto industry. Brokerage platform Robinhood (HOOD) gained a modest 1.04% with a market cap of $83.92 billion. The largest corporate Bitcoin holder, Strategy (MSTR), showed more confident growth at +3.18%, reaching the $43.45 billion mark.
However, not all list participants ended the day in positive territory. Shares of exchange Coinbase (COIN), with a market cap of $42.1 billion, fell by 0.41%. The worst performance in the upper part of the ranking was shown by USDC stablecoin issuer Circle (CRCL), which lost 5.8% and dropped to $19.35 billion.
What does this mean for the market?
The debut of SPCX has radically changed the balance of power: one company is now worth more than all other top-list participants combined. This reflects enormous interest in the most anticipated listing of the year and solidifies SpaceX as a new benchmark for the entire crypto-stock segment.
However, it is worth considering that this is the first day of trading, when the volume of freely circulating shares is minimal and volatility is at its peak. How sustainable such a high valuation will be will only be shown by the nearest trading sessions. My view: such an aggressive start is more of an emotional surge than a fundamentally justified valuation. The market is clearly overheated with expectations, and a correction in the coming weeks is almost inevitable.