A whale has placed a limit short order worth about $203 million on SPCX, the tokenized stock tied to aerospace company SpaceX, according to an Odaily report citing Bitcoin.com News. The order was set in a price range of $141.93 to $142.90, indicating a bet that the token would pull back from higher levels.
Trading in SPCX had already surged earlier in August on Gate, a platform offering tokenized trading. Over a two-day stretch, volume in SPCX reached about $700 million, with $332 million recorded on Aug. 4 alone. Market activity centered on the unlocking of 911.5 million shares on Aug. 6.
After that unlock, SPCX rose 6.1% and closed at $114.92. Separate filings with the U.S. Securities and Exchange Commission showed that Elon Musk holds a 48.4% beneficial interest in SpaceX, representing more than 6.4 billion shares. Based on the current price cited in the report, that stake was valued at more than $900 billion. The associated Class B shares give Musk more than 82% of SpaceX’s total voting power.
A whale has placed a limit short order worth about $203 million on SPCX, the tokenized stock linked to SpaceX, with the order set between $141.93 and $142.90, according to Odaily, citing Bitcoin.com News. The trade reflects a bet that the token’s price will fall back.
SPCX volume climbed sharply in early August
Earlier this month, SPCX trading volume on tokenized trading platform Gate reached about $700 million over two days. On Aug. 4 alone, turnover hit $332 million. Trading activity was centered on the unlocking of 911.5 million shares scheduled for Aug. 6.
Price moved higher after the unlock
After the unlock, SPCX rose 6.1% to close at $114.92.
SEC filing details Musk’s ownership and control
A filing with the U.S. Securities and Exchange Commission showed that Elon Musk holds a 48.4% beneficial interest in SpaceX, equal to more than 6.4 billion shares. At the current price cited in the report, that stake was worth more than $900 billion. The related Class B shares give Musk more than 82% of SpaceX’s total voting power.
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