SpaceX began trading on Nasdaq today under the ticker SPCX, priced at $135 per share, raising $75 billion in what is now the largest IPO in history. Its S-1 filing disclosed 18,712 BTC on the balance sheet, valued at roughly $1.2 billion at current prices, with an average acquisition cost of ~$35,324 per coin, suggesting the company began accumulating in 2023 or earlier.

At a $2.1 trillion valuation, SpaceX becomes the largest publicly traded operating company in the world with Bitcoin on its balance sheet. That distinction matters because Strategy holds far more Bitcoin (~843,000 BTC), but Strategy is a Bitcoin treasury vehicle by design. SpaceX is an aerospace and satellite company that happens to have quietly accumulated Bitcoin for years and just brought all of it into public view.

Better Home & Finance and Coinbase funded the first Fannie Mae-backed mortgage collateralized by Bitcoin in US history. The inaugural loan went to a married couple in Ann Arbor, Michigan, a software engineer and a graduate student who had meaningful Bitcoin savings but not enough cash for a conventional down payment. They pledged their Bitcoin as collateral and closed on a home without selling a single sat.

The structure uses two loans: a standard conforming mortgage on the property, and a separate loan backed by the pledged Bitcoin that funds the down payment. The crypto stays in Coinbase custody. As long as payments are made, nothing is liquidated. Nationwide availability is targeted for summer 2026.

Brian Armstrong responded to Jamie Dimon's "full of sh*t" comment this week, telling Politico he is perplexed by the animosity, given that crypto legislation is the most bipartisan issue in Washington and that Coinbase has spent years working toward a compromise with the banking lobby.

The contrast in posture is the story. Dimon threatened litigation. Armstrong expressed confusion. One of them is behaving like someone who thinks they are losing.

The Clarity Act passed the House 294-134 last July, cleared the Senate Banking Committee 15-9 in May, and was placed on the Senate Legislative Calendar on June 1. Armstrong knows the legislative math. Dimon does too, which is why "we'll fight it in court" was his answer rather than "we'll fix it in committee."

White House crypto adviser Patrick Witt posted June 8 that the issue set has narrowed, good faith offers are being made to close gaps, and "time is of the essence." The White House has been publicly targeting July 4 for a presidential signature since May. The bill is now formally on the Senate Legislative Calendar, eligible for a floor vote.

Four steps remain: reconcile the Senate Banking and Agriculture versions, clear a 60-vote Senate floor threshold, send back to the House, and get a signature. The calendar is tight. The Senate burned days this week on a failed FISA procedural vote and has Iran military authorization and DHS funding competing for floor time. Analysts currently price passage this year at roughly 60 percent, with the August recess as a more realistic landing zone than July 4.

Dante takes a look at the latest Bitcoin pullback and the growing excitement around AI, IPOs, and tech speculation. While headlines focus on what's new, the bigger story may be what's happening beneath the surface with inflation, markets, and long-term capital flows. If you're trying to make sense of where Bitcoin fits in today's investment landscape, this episode offers a perspective you won't hear from most commentators.