What will happen to Musk's BTC?

Galaxy Digital’s (GLXY) latest earnings was a reminder that this is still a mark-to-market business. Galaxy said weaker crypto prices weighed on performance, which was driven primarily by unrealized losses (-$482 million) on their digital asset and investment holdings…

But, as Novogratz stated on the earnings call, “we did over $500 million in operating revenue… strip out the balance sheet, Galaxy's digital assets business is a big business.” The stock is down 12% since markets opened this AM. Read more →

Elon Musk’s space company has merged with his AI company, according to a letter from Musk posted on the SpaceX website. The combined company is aiming to go public at a $1.25 trillion valuation according to Bloomberg. While there was much speculation that it would be Tesla which merged with SpaceX, it’s not completely out of the question. Tesla recently invested $2 billion in xAI.

With an apparent IPO, a question emerges around SpaceX’s BTC stash. The company has held bitcoin since early 2021 and currently owns about 8,285 BTC, worth roughly $650 million and placing it around #15 on the corporate treasury list. And if a tie up with Tesla and it’s 11,509 BTC does occur then the company truly becomes a BTC powerhouse.

In a new memo to investors, Matt Hougan argues we’re not in a “dip” – we’re in a full-on crypto winter, with BTC down ~39% from its October 2025 high and ETH down 53%. The twist is that, according to Matt, this crypto winter started 13 months ago, in January 2025, but ETFs and DATs buying masked a lot of the pain outside of the biggest coins.

So, the good news? He believes we’re closer to the end than the beginning. Read more →

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