Shares of EchoStar Corporation (SATS) surged to a 12-month high on Monday, driven by its role as a proxy bet on a potential SpaceX IPO—and fresh data revealing $637 million in Bitcoin on SpaceX’s balance sheet added a crypto-driven twist to the rally.
EchoStar opened at $137.23, near its 52-week peak of $139.54, and has gained 26.25% year-to-date. Traders are using the stock to gain exposure to SpaceX, which is reportedly eyeing a Nasdaq debut as early as June 12 at a staggering $1.75 trillion valuation, with a targeted raise of around $75 billion. A reported 5-for-1 SpaceX stock split could lift EchoStar’s stake in the private space company to roughly $11 billion.
Adding to the momentum, the FCC approved a $40 billion spectrum deal between SpaceX and AT&T—spectrum assets that could help EchoStar manage its heavy 2026 debt load. The company reported Q1 revenue of $3.67 billion, beating estimates, but missed EPS expectations with a loss of $0.51 per share. The debt-to-equity ratio stands at 3.17, and insiders have been trimming positions, though institutional ownership has climbed to 33.62%. New Street Research initiated coverage with a Buy rating and a $161 price target, the most bullish on the Street.
Meanwhile, Arkham Intelligence data revealed that SpaceX holds more than $637 million worth of Bitcoin, making it one of the two largest private corporate BTC holders alongside Tether. As the potential IPO draws near, the disclosure amplifies the narrative of corporate Bitcoin adoption. Strategy (formerly MicroStrategy) remains the top public holder with 843,738 BTC, but SpaceX’s private status adds a new dimension to the treasury discussion. The timing coincides with a soft BTC market—Bitcoin was trading at $77,462, down 1.02% over 24 hours—yet the larger signal is the normalization of crypto on corporate balance sheets as a blockbuster IPO approaches.
