SpaceX IPOs With $1.3B in Bitcoin, Citi Tokenizes Private Shares, and Coinbase Lets AI Trade for You

**Jennifer Sanasie** (0:00)
On today's Public Keys, at the New York Stock Exchange, SpaceX IPOs with more than 18,000 to Bitcoin on its balance sheet. Citi is using blockchain to connect investors to private company equity and Coinbase for agents. Let's say AI agents trade crypto. On your behalf, I'm Jen Sanasie. Let's get into it.
Today's episode is brought to you by Kraken Pro, Regulated Spot Margin Trading. It's finally available to US traders. Size your trades to match your conviction. Trade margin on Kraken Pro. All right, we have to start with a little moment of celebration right here in New York City. The Knicks are NBA champions. After 53 years of waiting, Jalen Brunson put a 45-point exclamation point on it Saturday night. I think the entire city is low on sleep today, but for a good reason. It's a good week to be doing this show from New York. Now, let's get into the markets, which I think are celebrating. Crypto markets this morning are in the green. Over the weekend, we saw President Trump announce that the United States and Iran have reached a deal aimed at ending the conflict and reopening the Strait of Hormuz. Trump said the agreement would include a 60-day ceasefire and pave the way for future talks over Iran's nuclear program. He also said the Strait would reopen to shipping, though the deal is still expected to be formally signed later in the week. The Strait of Hormuz is one of the world's most important energy choke points carrying roughly one-fifth of global oil supplies.
And the biggest IPO ever happened on Friday. SpaceX debuted last week with 18,712 bitcoin on its balance sheet, worth about $1.3 billion. This is notable. SpaceX isn't a bitcoin company. It's a rocket, satellite and AI company that happens to hold bitcoin alongside its cash that separates it from the likes of strategy, a company that exists to accumulate bitcoin with its stock trading as a leverage proxy for the coin. SpaceX debuted at $135 a share, raising $75 billion. Here for more is GSR chief legal and strategy officer, Joshua Riezman. Hey, Josh.

**Joshua Riezman** (2:07)
Hey there.

**Jennifer Sanasie** (2:08)
What a good day to be in New York.

**Joshua Riezman** (2:09)
The vibes are high.

**Jennifer Sanasie** (2:10)
The vibes are high. The markets are green.

**Joshua Riezman** (2:13)
Exactly.

**Jennifer Sanasie** (2:13)
Are you going to be at the parade on Thursday?

**Joshua Riezman** (2:15)
I think we just have to check it out. A little GSR section.

**Jennifer Sanasie** (2:18)
Yeah.
All right. You're going to be at the parade on Thursday. We got to talk about what happened last Friday, though. I just mentioned it. SpaceX IPO, the IPO everyone was waiting for. We learned that the company had over 18,000 Bitcoin on the balance sheet. We learned that in the S1 filing. I want to start here. Were you surprised to see that?

**Joshua Riezman** (2:36)
No. I think we had a sense before that SpaceX and other Elon companies have long been diversifiers of their treasury strategies.

**Jennifer Sanasie** (2:43)
What? 18,000?

**Joshua Riezman** (2:45)
That is a higher level and easily puts them in the top 10 now of public company Bitcoin holders, which is a big statement by what is the most highly anticipated IPO of the year and potentially the century.

**Jennifer Sanasie** (3:00)
I'm curious to hear how you're looking at this. What does this mean? Because like I said, SpaceX isn't a Bitcoin treasury company.
It definitely has different lanes of business that come first before that treasury. And that digital asset treasury company narrative has kind of fallen off in the past few months. So how are you reading this? Do you think we're going to see it come back into the spotlight?

**Joshua Riezman** (3:22)
So yeah, a couple of things. First of all, treasury diversification into macro assets like Bitcoin was a thing before digital asset treasuries. And so what we saw was this big wave of digital asset treasuries, this focus on companies who only were going to be kind of focused in the strategy type, micro strategy type business model of revolving the whole strategy around the asset. But I think what the SpaceX IPO reminds people in the disclosure is, look, Bitcoin is still a macro asset that large forward-looking firms are going to look at for diversification. Now, this is separate from a lot of other digital assets in crypto and how we think about those in the investment. There's no doubt that Bitcoin has cemented itself as a macro asset in the investing landscape, and you see that amongst some of the largest companies in the world.

**Jennifer Sanasie** (4:05)
Do you think this above 18,000 number is almost like a stamp of approval for some firms who maybe have been considering putting Bitcoin on the balance sheet but haven't taken the plunge yet?