SpaceX IPO Filing Has Some Wild Insights

Chart of the Day — BTC long-term holders accumulating again
Trade of the Day — SOL in a tricky spot
Alpha Leaks — NVDA earnings, Google backlash, Zcash in the clear
News Roundup — SpaceX insights, Cyberscope security, tokenized stocks
Degen Play — USAR brings the volatility

Long-Term Holders Buying BTC

Long-term holders appear to be accumulating BTC, even as market sentiment remains on the fearful side.

While historically, older holders distribute aggressively into strength, you can see how after a wave of distribution in late-2025, the metric has flipped back green, suggesting that long-term wallets are absorbing supply again.

That doesn’t necessarily mean the BTC bear market is over. But structurally, it suggests conviction from experienced holders remains strong, despite price action weakness.

Can SOL Bounce Here?

It’s a tough one to call, but SOL is just about back above a trendline support that goes back to late January, with the MACD possibly shifting.

That said though, price is also close to butting up against the EMA 50, so it’s caught between two significant levels here. However, if it can bounce and reclaim the moving average, then it looks good for a move back to the low 90s. Be cautious with this one though, with a Stop Loss below the trendline in case it goes the wrong way.

SpaceX IPO Filing Insights

Yes, the big one is here, as yesterday SpaceX officially filed for its Nasdaq IPO under the ticker SPCX. The expected IPO date is June 12th, and the company is looking to raise $80 billion.

The filing also gave some revealing insights into the company, which includes SpaceX, Starlink, xAI, and X, all combined, with details including:

● Q1 revenue of $4.694 billion

● Q1 operation losses of $1.943 billion

● 2025 capex of $20.7 billion

● $12.7 billion of that capex towards AI

● Elon Musk to be CEO, CTO, and Chairman after the IPO

● Elon Musk will have 85.1% combined voting power

Additionally, it was shown that Anthropic has agreed to pay SpaceX $1.25 billion a month for access to compute capacity, running through until May 2029, although this arrangement can be terminated by either party with 90 days notice.

And on the Bitcoin front, SpaceX holds 18,712 BTC, currently worth more than $1.45 billion.

SpaceX also states that it believes it has, “the largest actionable total addressable market in human history”, putting its TAM at $28.5 trillion, the vast majority of which–$22.7 trillion–is labelled as enterprise application AI.

Now for reference, the size of the entire US economy is $32.4 trillion, so the SpaceX TAM estimate is certainly audacious, but one thing seems clear: Elon can IPO while the music is still playing, and he’s taking the opportunity.

Security the Priority as Tokenization Accelerates

DeFi is integrating with mainstream finance, and asset tokenization continues to expand. In fact, a look at total RWA value reveals growth from around $2.1 billion at the start of 2024, to over $33.7 billion now.

And that means security is a pressing issue for Web3 developers. Just last week, Thorchain was exploited for over $10 million worth of assets, underlining the degree to which security must be bolstered industry-wide.

However, the good news is that the sponsor of today’s newsletter, Cyberscope, is making solid progress on that front.

Cyberscope’s work spans protocol assurance, broader platform security, and readiness for more demanding technical, commercial, and regulatory review. For teams preparing to scale, partner, or operate in more scrutinised environments, Cyberscope helps strengthen both security posture and the confidence behind it.

And that same approach now extends into Cyberscan AI, Cyberscope’s new AI-powered smart contract security tool.

Built for Solidity workflows, Cyberscan AI helps teams identify meaningful vulnerabilities earlier in the development cycle, before code reaches formal review. The focus is on surfacing findings that deserve attention, so developers and security teams can spend less time triaging noise and more time addressing real risk.

Ultimately, as capital flows into tokenized assets and DeFi turns mainstream, the stakes get higher, and teams catching issues early will be the ones that stick around. Visit Cyberscope to learn more about Cyberscan.

SEC Innovation Exemption for Tokenized Stocks

According to a report in Bloomberg this week, which cites anonymous sources, the SEC is set to launch what it calls an innovation exemption for the decentralized trading of tokenized securities and other real-world assets.

What that means is a regulatory framework that will allow tokenized versions of stocks, bonds, and treasuries to be traded on DeFi platforms, potentially without needing consent from the public companies whose shares are being tokenized.

This development comes as trading volumes on tokenized shares are already hitting ATHs, with data from The Block showing that daily volume hit $3.57 billion on Monday, while Binance and Hyperliquid are the leading platforms for tokenized stock trading.

USAR: Extreme Volatility in the Rare Earths Sector

USA Rare Earth (USAR) is–as the company name makes clear–a rare earths play, and it gained a lot of attention in January on news of a $1.6 billion funding agreement with the US Department of Commerce, which included the US government taking an equity stake.

Since then, this has been a volatile name in a volatile sector, and it sold off this week on an announcement from the White House that “China will address U.S. concerns regarding supply chain shortages related to rare earths and other critical minerals” (which would ease pressure on the US to ramp up its own supply chains).

However, that selling looks like an over-reaction, as it’s still not at all clear how the trade relationship between the US and China will play out from here. Despite the panic, price stayed above the EMA50 on the weekly chart, and USAR continues to look like a good hold from here, although extreme volatility is part of the deal.

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