Saylor Calls Musk's SpaceX Claim Bullish After Tokenized Stock Surge
Strategy leads the tokenized stock market with $491 million, while SpaceX and Bitcoin come back together in Saylor's response to Musk's growth story.
Key Takeaways
- Michael Saylor called Elon Musk's statement about an extremely high SpaceX valuation “₿ullish”.
- With $491 million, Strategy reports the largest tokenized stock value on-chain, good for about 15% of the market.
- Tokenized SpaceX shares are in third place with $174 million, while Bitcoin and tokenization are once again drawing attention together.
Michael Saylor described Elon Musk's idea that SpaceX could one day be worth many orders of magnitude more than the global economy as “₿ullish”. At the same time, Strategy, the company formerly known as MicroStrategy, said it has the largest tokenized stock value on-chain of any company. That brings together two themes getting a lot of attention in the crypto market: Bitcoin and tokenized stocks.
Musk's SpaceX Idea
Musk's statement was about a SpaceX valuation that he says could still end up much higher. One order of magnitude equals 10x, so multiple orders of magnitude means at least 100x in this case. The IMF estimates global GDP at $126.3 trillion (€113 trillion) in 2026, which means SpaceX would then have to top $12 trillion (€10.7 trillion).
Musk himself wrote that the idea will sound “super crazy.” In July, he also said SpaceX could end up worth more than Earth if the company hits its goals. Wall Street remains split for now. Morgan Stanley analyst Adam Jonas is sticking with a $300 (€268) price target for SpaceX, but he also lays out a scenario where the value falls back to $100 (€89) if AI demand cools off or Starship takes a major hit.
Strategy Sets the Tone On-Chain
Saylor tied his response to Bitcoin by replacing “bullish” with the Bitcoin symbol. That fits his long-running role as a vocal Bitcoin supporter. SpaceX reported 18,712 Bitcoin in its S-1 filing, while Tesla holds another 11,509 BTC.
Strategy says its tokenized stock value has climbed to $491 million (€439 million), based on data from DefiLlama. These tokens track publicly traded stocks on a blockchain. According to RWA.xyz, the total tokenized stock market is worth about $3.18 billion (€2.8 billion), which means Strategy alone accounts for about 15% of that total. Tokenized SpaceX shares are in third place with $174 million (€156 million).
Earlier, Strategy's weekly Bitcoin purchase already showed how strongly the company keeps leaning into its role as a major BTC buyer. That makes the mix with tokenized stocks especially notable for investors watching the line between treasury strategy and blockchain products.
Why This Matters
For European crypto followers, this shows how fast the line between traditional stocks and blockchain products is blurring. Tokenized stocks are still small compared with the real market value of companies, but the numbers do make clear where crypto investors' attention is going. Strategy being at the top also underlines how strongly Bitcoin and tokenization keep showing up in the same market narratives.
