Bybit Launches SPCXUSDT 24/7 Perpetuals Ahead of SpaceX IPO
Bybit has launched the SPCXUSDT perpetual contract, giving traders 24/7, USDT-settled leveraged exposure tied to the expected SpaceX IPO in June. The SPCXUSDT product has no expiry, allowing positions to be held indefinitely, with up to 10x leverage.
A newer catalyst comes from fresh SEC filings: SpaceX reports 18,712 BTC on its balance sheet, well above earlier estimates (~8,285 BTC) and higher than Tesla’s 11,509 BTC (per BitcoinTreasuries). SpaceX also targets a valuation range of $1.75T–$2T and a capital raise of about $75B, which—if achieved—could rank among the largest IPOs.
For crypto traders, the SPCXUSDT listing may boost speculative derivatives activity around SpaceX headlines, particularly near the IPO window. Separately, the larger-than-expected corporate BTC reserve could support sentiment for BTC, though the link to spot price is indirect.
Key terms to watch: SPCXUSDT’s 24/7 trading, USDT settlement, no expiration, and up to 10x leverage.
Neutral
SPCXUSDT is a USDT-settled perpetual that can increase derivatives positioning and short-term speculation around SpaceX IPO headlines, but it does not directly change spot demand for BTC. The SEC-reported jump to 18,712 BTC on SpaceX’s balance sheet is a positive sentiment input for BTC, yet it is not an announced sell/buy trigger, so immediate price impact is likely limited. Net effect: more trading activity and volatility in sentiment, but no clear, direct bullish or bearish impulse for BTC itself.