On-chain analytics platform Lookonchain reported that a whale placed approximately US$ 203.47 million in short-selling limit orders against SPCX, the tokenized version of SpaceX shares, at prices between US$ 141.93 and US$ 142.90.
The move comes at a time of record volume for the token. The Gate trading platform recorded about US$ 700 million in SPCX volume over two days in early August, including US$ 332 million on August 4, ahead of the unlock of 911.5 million shares on August 6.
On the day of the unlock, the price rose 6.1%, closing at US$ 114.92, contrary to bets on a decline. The new short position, set up about a week later at levels above US$ 140, indicates that at least one large trader believes the asset has risen too quickly.
Futures data also show activity: total open interest in SPCX futures was near US$ 203 million in mid-August, below the level recorded before the company's earnings report earlier in the month, but well above the level before large positions were opened.
Musk's stake
The bet comes one day after Elon Musk disclosed to the SEC, on Form 13G, a 48.4% stake in SpaceX, equivalent to more than 6.4 billion shares and a value exceeding US$ 900 billion.
The document details 849.5 million Class A shares and 3.92 billion Class B shares held in trusts in which Musk is a fiduciary, plus 1.3 billion restricted Class B shares and 350 million Class B shares issuable through options. The Class B shares carry ten votes each, giving Musk voting power over more than 82% of the total.
Part of the stake consists of unvested shares and options, tied to targets such as a valuation of several trillion dollars and progress toward colonizing Mars, which could alter Musk's diluted economic stake.
SpaceX went public on June 12, with an IPO of US$ 85.7 billion, one of the largest in history, raising its market value to more than US$ 2 trillion. The outcome of the bet will depend on how SPCX behaves after the news cycle about Musk's stake and the effects of the August 6 unlock.
