SPCX Plunges 25% to $149.47 Amid SpaceX Bitcoin Wallet Moves

SpaceX shares (SPCX) closed 6.83% lower at $149.47 on July 8, extending losses to more than 25% from recent highs despite Nasdaq-100 inclusion. The drop follows the company's S-1 disclosure of 18,712 BTC holdings—far above prior estimates of 8,285 BTC—valued at $1.16-1.29 billion after acquisition at roughly $35,000 per coin. On-chain activity showed three tiny internal transfers totaling under $300 on July 7-8, including an $88 move from a wallet inactive for six months, which markets interpreted as routine maintenance rather than selling. Analysts note potential $4.3 billion in passive inflows from the Nasdaq listing, with Morgan Stanley maintaining a $300 price target.