SpaceX shares fall after CZ says Binance may hold $1 billion stake

SpaceX stock falls after Binance hack losses

Coin Gabbar reports that SpaceX shares came under pressure after a rough week for crypto markets. The stock, traded under the ticker SPCX, closed at $143.89 in the previous session, down 0.92%. In pre-market trading, it dropped further to $138.29, which the article describes as a 3.89% decline.

CZ links Binance losses to a possible SpaceX stake sale

According to Coin Gabbar, the main trigger was Binance. The article says hackers with ties to North Korea took about $6.3 billion from the exchange on October 29. It adds that about $3 billion was frozen and that withdrawals have been paused since then.

Binance founder CZ posted what the article calls “rough math” on X. He said a $6.x billion hack, $3 billion frozen, and a $1.x billion SAFU fund left a gap of about $2 billion. He also said Binance holds $1.x billion in SPCX alone and described the remaining gap as “painful, but manageable.”

Background on the stake and market reaction

Coin Gabbar says the stake began as a $500 million bet on Musk’s 2022 Twitter takeover. The article says xAI later absorbed X, and SpaceX bought xAI in February. It also says the company listed on Nasdaq in June at $135 a share.

The article notes that Elon Musk replied to CZ’s warning about email links with fire and laughing emojis. CZ responded that it was a “bad time to troll.” Binance co-CEO Yi He said yearly revenue is enough to cover the losses, and the article says that for now there is no need to sell the shares.

Price action and technical levels

Coin Gabbar reports that the stock fell almost 10% in the week to October 28. It says about 1.6 billion newly unlocked shares became sellable during that period. The article also says trading volume was below the daily average, which it interprets as meaning the prior session was not a panic-driven selloff.

At the reported levels, the article says the P/E ratio is 625.61. It adds that the pre-market price of $138.29 is only about 2.4% above the $135 IPO price and remains well below the 52-week high of $225.64.

On the 4-hour chart, Coin Gabbar says the close at $143.84 was below the 20-, 50-, and 100-period EMAs of $148.44, $150.66, and $149.88. It says the price is testing an ascending trendline near $142 to $144, while the RSI stands at 41.24, which it describes as weak but not deeply oversold.

What remains uncertain

The article says a key unknown is Binance’s position. It notes that early investors face staged lockups, with the last general unlock on December 8 and some holders locked until 2027, but Binance has not said which group it is in. It also says withdrawals should restart within 48 hours, followed by a new reserve count.

Coin Gabbar says liquidations topped $628 million in one hour as the news spread. It adds that critics are remembering the 2022 comments by Sam Bankman-Fried about FTX covering client funds before FTX collapsed days later. The article says CZ has not said Binance will sell, but any sale news or a weak reserve report could move SPCX quickly.