SpaceX Stock Sinks 3.9% After CZ Says Binance Could Tap $1B Stake
SpaceX shares are sliding after a rough week for crypto. The stock (SPCX) closed at $143.89 in the last session, down 0.92%. In pre-market trading, it fell to $138.29, a drop of 3.89%.
The trigger is Binance. North Korea-linked hackers took about $6.3 billion from the exchange on October 29. Around $3 billion was frozen, and withdrawals have been paused since.
Binance Leans on a Musk Bet as $2 Billion Gap Looms
Binance founder CZ shared some "rough math" on X. A $6.x billion hack, $3 billion frozen, and a $1.x billion SAFU fund leave a gap of about $2 billion.
He said Binance holds $1.x billion in SPCX alone. He called the remaining gap "painful, but manageable."
| Item | Amount |
| Stolen in hack | About $6.3 billion |
| Frozen funds | About $3 billion |
| SAFU fund (Bitcoin) | About $1.17 billion |
| Gap left | About $2 billion |
| SPCX stake | $1 billion+ |
The stake began as a $500 million bet on Musk's 2022 Twitter takeover. xAI later absorbed X, and SpaceX bought xAI in February. The company listed on Nasdaq in June at $135 a share.
Elon Musk posted fire and laughing emojis under CZ's warning about email links. CZ replied that it was a "bad time to troll."
Binance co-CEO Yi He said yearly revenue is enough to cover the losses. So, for now, there is no need to sell the shares.
SPCX Slips Before the Bell as Unlocks Add Pressure
The stock fell almost 10% in the week to October 28. About 1.6 billion newly unlocked shares became sellable in that period.
| Metric | Value |
| Previous close | $145.23 |
| Open | $142.30 |
| Day's range | $141.03 to $144.95 |
| Close | $143.89 (-0.92%) |
| Pre-market | $138.29 (-3.89%) |
| 52-week range | $104.83 to $225.64 |
| Market cap | $1.954 trillion |
| Volume | 66.07 million (avg. 101.47 million) |
| P/E ratio (TTM) | 625.61 |
| EPS (TTM) | $0.23 |
| 1-year target estimate | $257.11 |
Volume was below the daily average, so the last session was not a panic. The P/E of 625.61 shows how richly the market prices the company.
At $138.29, the pre-market price sits only about 2.4% above the $135 IPO price. The stock is also far from its 52-week high of $225.64.
Chart Shows Buyers Defending a Fragile Trendline
On the 4-hour chart, SpaceX close at $143.84. That is below the 20, 50, and 100 EMAs, at $148.44, $150.66, and $149.88. It points to steady selling.
The price is testing an ascending trendline near $142 to $144. The RSI is at 41.24. That is weak, but not deeply oversold.
The pre-market print of $138.33 on the chart sits under that trendline. If it holds at the open, the support is already broken.
| Level | What it means |
| $152 | Stronger resistance |
| $148 to $150 | EMA cluster, first rebound target |
| $142 to $144 | Trendline support zone |
| $140 | First downside level |
| $136 | Next downside level |
Three Paths for the Next Few Sessions
Lower. A break below $142 that sticks could open the way to $140 and then $136. The pre-market drop already leans that way.
Bounce. If the trendline holds and buyers return, a move toward $148 to $150 is possible. Resistance near $152 would come next. A clean break above $150 is needed to improve the outlook.
Sideways. Right now the near-term view is bearish to sideways. Nothing is settled.
The bigger unknown is Binance itself. Early investors face lockups that release shares in stages. The last general batch unlocks December 8, and some holders stay locked into 2027. Binance has not said which group it is in.
Withdrawals should restart within 48 hours, followed by a fresh count of reserves. Liquidations topped $628 million in one hour as the news spread.
Critics also recall 2022, when Sam Bankman-Fried said FTX could cover client funds. FTX collapsed days later. CZ has not said Binance will sell.
Any sale news, or a weak reserve report, could move SPCX fast. Traders may want to watch both closely.
Disclaimer
This article is for information only and is not financial advice. Crypto and stock markets are volatile, and prices can move sharply in either direction. No outcome is guaranteed. Do your own research and speak with a licensed financial adviser before you trade or invest. You can lose some or all of your money.
