SpaceX holds 18,712 BTC as Iran launches a Bitcoin insurance platform amid notable market fluctuations.
SpaceX has disclosed that it holds 18,712 BTC, valued at approximately $1.29 billion, in a recent IPO filing. This development comes amidst a week marked by significant events in the cryptocurrency landscape, including a lawsuit loss for Elon Musk against OpenAI and Iran's introduction of a Bitcoin-based ship insurance platform.
Bitcoin Struggles Below $77,000
Bitcoin started the week strong but faced downward pressure, falling below $75,000 as fears of potential U.S. military action against Iran loomed. Although the price recovered slightly after U.S. President Donald Trump spoke on negotiations, it remained below $77,000, closing the week down about 2.1%.
In contrast, leading altcoins had mixed results, with Dogecoin, XRP, and Ethereum experiencing declines, while HYPE surged by 45.4%. Notably, Bitcoin ETFs saw significant outflows, with investors withdrawing $648.6 million in a single day, marking the highest outflow since January.
SpaceX's Bitcoin Holdings Revealed
In its SEC filing for an IPO, SpaceX revealed it acquired its Bitcoin holdings for $661 million, with an average purchase price of $35,300 per coin. If the IPO is successful, SpaceX could become one of the largest public companies holding Bitcoin, surpassing Coinbase's reserves.
Iran's New Insurance Platform
The Iranian government has launched a digital insurance platform called Hormuz Safe, allowing shipowners to pay for insurance in Bitcoin. This initiative aims to circumvent the SWIFT system amid ongoing sanctions, with expectations of generating over $10 billion in revenue.
Legal Setback for Musk
Elon Musk's lawsuit against OpenAI and its leaders was dismissed by a federal court due to late filing. The jury ruled that Musk's claims were barred by the statute of limitations, with the judge criticizing the exorbitant damages sought, ranging from $78.8 billion to $135 billion.
Trump's Executive Order on Crypto
On May 19, President Trump signed an executive order aimed at integrating digital assets into the traditional financial system. The order mandates a review of regulations that hinder crypto companies' access to banking services, with a focus on innovation in the financial sector.
