A Bloomberg analyst said MicroStrategy should retire STRC after the financing instrument broke its peg and slid to as low as $88.51, a discount of more than 11%. The move has fueled concerns that the company could sell Bitcoin to shore up confidence in STRC. STRC has also shown a recent negative correlation with BTC, adding to questions about Strategy’s financial resilience and the risk of monetizing its Bitcoin holdings. The episode is influencing how the market prices credit and liquidity expectations for Strategy as a tradable stock in traditional finance, according to Bloomberg.

MEXC said daily trading volume in its SPCX futures exceeded 800 million USDT, with the three-day post-IPO average nearly seven times higher than pre-IPO levels. The platform links SpaceX-related access across Launchpad subscriptions for SPACEX(PRE), TradFi Futures for two-way leveraged trading, and RealStocks for delivery of real shares. MEXC defines SPCX futures as a financial instrument that tracks SpaceX’s real stock price and automatically rolls over after listing, with an option to convert into real shares.

SpaceX’s valuation climbed above $2.5 trillion after shares gained nearly 20% in the IPO session and rose another 11% in premarket trading. The company’s capitalization is described as approaching roughly twice Bitcoin’s $1.33 trillion market value. It also announced a $60 billion stock acquisition of Anysphere, the maker of the AI assistant Cursor, to bolster xAI’s capabilities. The report also cites retail ownership of about one-third of shares, the launch of double-leveraged SPCX ETFs, and market talk of a potential SpaceX–Tesla merger, even though Tesla is not a party to the transaction.

Peter Schiff publicly criticized MicroStrategy (Strategy)’s recent financing approach, saying it raised $101 million in June by issuing discounted shares to buy 1,550 BTC. He argued the transaction reduced Bitcoin per share and produced a negative Bitcoin yield, which he said undermines shareholder value. Schiff also warned that owning MSTR is “the worst way” to be bullish on Bitcoin. The episode has drawn attention to deterioration in Strategy’s stock fundamentals, without a direct transmission link to traditional assets.