Key Insights:
- Bitcoin news on Nov. 4 showed BTC up 6% as the SpaceX stock price fell 3.8%.
- Cathie Wood’s Ark Invest bought 348,406 SPCX shares worth about $47.4M.
- Morgan Stanley kept its $300 target, about 121% above the latest close.
Cathie Wood’s Ark Invest bought about $47.4 Million worth of SpaceX (SPCX) shares on Nov. 4, Benzinga reported. The buy came as the SpaceX stock price fell following the U.S. midterms.
SpaceX Stock Price Slid After Democrats Swept Congress
SPCX closed at $135.92 on Nov. 4, down 3.81% from $141.31. At one point during the session, the stock was down 5.3%. Shares moved between $133.14 and $140.50. Volume hit 135.4 Million shares, well above the 103.1 Million average.
Democrats won both chambers of Congress in the midterms. Elon Musk had spent heavily backing the other side. Tesla (TSLA) fell 3.3% the same day. Reports pointed to possible congressional scrutiny of a rumored Tesla-SpaceX merger.
The selloff stayed limited to Musk’s companies. Broader equities and bitcoin news turned positive that day. SPCX ended just above its $135 IPO price. It was also the stock’s lowest close since August.
Cathie Wood’s Ark Invest Bought the SPCX Stock Dip
Ark added 348,406 SpaceX shares across three ETFs, according to Benzinga. The value was based on Wednesday’s closing price. ARK Innovation ETF (ARKK) bought 224,483 shares. The ARK Autonomous Technology & Robotics ETF (ARKQ) added 63,478 shares.
ARK Next Generation Internet ETF (ARKW) took the remaining 60,445 shares. On the same day, Ark sold about $17.5 Million of Alphabet and Amazon stock.
The trade continued a pattern that began at the IPO. Ark bought 3,291,184 SPCX shares on the stock’s first trading day in June. The purchase also caught attention in bitcoin news circles. SpaceX ranks among the largest corporate holders of BTC.
Bitcoin News: SpaceX Stock Price Lagged BTC’s 6% Rally
Bitcoin (BTC) climbed about 6% to near $80,513 on Nov. 4. The move lifted the value of SpaceX’s own Bitcoin reserve.
SpaceX holds 18,712 BTC, according to its SEC filings. Its cost basis for those coins stood at $661 Million. At $80,500 per coin, the stash would be worth about $1.51 Billion. SpaceX valued its digital assets at $1.57 Billion as of Sept. 30.
Neither Tesla nor SpaceX bought or sold any coins in the third quarter. Recent bitcoin news still showed mixed views on BTC’s next move.
On the analyst side, Morgan Stanley’s Adam Jonas kept an Overweight rating on SPCX. His $300 price target sat about 121% above the Nov. 4 close. Jonas raised his 2027 revenue forecast to $175 Billion. He also put 2028 revenue at $289 Billion and operating income at $119 Billion.
He moved free-cash-flow break-even forward to 2031, from 2035. The risks have not gone away, though.
SpaceX spent $19.6 Billion on capital expenditure in Q3, more than its $14.58 Billion revenue. The US midterm elections also added a layer of political risk. Traders watched whether Ark would keep buying on weakness. The next bitcoin news could also shape views on SpaceX’s BTC treasury.
