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Ontario teachers' pension fund bets on SpaceX, with post-IPO holdings potentially soaring to $11.6 billion

According to Forbes, the Ontario Teachers' Pension Plan in Canada is expected to gain substantial returns from the SpaceX IPO. The fund invested approximately $220 million in SpaceX in 2019 when the company's valuation was around $33 billion to $36 billion.If SpaceX goes public as planned at $135 per share, with an estimated valuation of about $1.75 trillion, the shares held by the Ontario Teachers' Pension Plan would rise to approximately $11.6 billion, with potential paper gains exceeding $11 billion. As of the end of 2025, the Ontario Teachers' Pension Plan manages assets of about $279.4 billion, covering 346,000 active and retired teachers.The fund's Chief Investment Officer Gillian Brown previously stated that an IPO does not necessarily mean an exit point, and they may continue to hold shares in the future to see if SpaceX can initiate a new growth cycle after acquiring xAI. Notably, the fund had invested about $95 million in FTX in 2022 and wrote down that investment to zero after FTX's bankruptcy. However, benefiting from strong performances from projects like SpaceX, its venture capital portfolio is still expected to achieve a 30% growth by 2025.Currently, some institutions are cautious about SpaceX's valuation. Morningstar believes its fair valuation is less than half of the IPO target. Based on a $1.75 trillion valuation, Elon Musk's wealth, holding about 41% of the shares, is expected to rise further, potentially making him the world's first trillionaire.

Bridgewater founder: $39 trillion in debt could trigger a crisis, Wall Street bets funds will shift from gold to Bitcoin

According to Forbes, Bitcoin bulls have added a macro narrative. Ray Dalio, founder of Bridgewater Associates, warned that the $39 trillion debt crisis in the U.S. could lead to a long-term devaluation or even collapse of the dollar, while JPMorgan analysts believe that the market is witnessing a rotation from gold to Bitcoin in the currency devaluation trade.Dalio stated that the current annual spending in the U.S. is about $7 trillion, with revenues of only about $5 trillion, and the long-term fiscal deficit and debt expansion are nearing historically dangerous levels. He believes that during similar periods, fiat currencies tend to depreciate continuously, while gold benefits.Meanwhile, JPMorgan analyst Nikolaos Panigirtzoglou pointed out that as the conflict in Iran escalates, the inflow of funds into Bitcoin ETFs has continued to exceed that of gold ETFs, with some funds viewing Bitcoin as digital gold and a hedge against dollar devaluation.The report mentioned that since the outbreak of the U.S.-Iran conflict, the price of Bitcoin has risen by about 30%, although it is still below the historical high of $126,000 in 2025. Notable investors, including Stanley Druckenmiller and Elon Musk, have also expressed concerns about the long-term status of the dollar as a reserve currency.

Analysis shows that Bitcoin is strengthening alongside the US stock market, but the options market still bets on downside risks

Bitcoin rose to about $74,935 during the Asian session, up 0.7% in the last 24 hours and 5.4% for the week. However, the derivatives market is sending mixed signals. Institutional firm QCP Capital pointed out that this round of increase is mainly driven by spot trading, rather than a broad recovery in risk appetite.Currently, the funding rate for Bitcoin perpetual contracts remains negative, and open interest has decreased, indicating that short sellers are still increasing hedges rather than passively closing positions. The options market is also leaning towards caution: short-term implied volatility is sluggish, with one-month volatility lower than three-month volatility, and the risk reversal indicator shows that the market's demand for downside protection is higher than for upside bets, indicating that traders are more inclined to pay for potential declines rather than chase upward movements. QCP believes this is more of a "bounce" rather than a trend reversal.On a macro level, long-term U.S. Treasury yields and gold prices have not confirmed a recovery in risk appetite, with gold still near high levels, indicating that safe-haven demand remains. Institutions point out that the current market is more driven by expectations of a ceasefire and "emotional repair," rather than a core risk being alleviated. Additionally, Ethereum has shown relatively strong performance, with the ETH/BTC ratio rising to about 0.0315, combined with on-chain transaction volumes and stablecoin supply reaching all-time highs, indicating signs of capital rotating towards high β assets. However, the market still needs to observe the evolution of subsequent risk events to confirm the sustainability of this round of increase.
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