🏛️ SpaceX is backing a $20 billion bond offering with its 18,712 BTC treasury — one of the largest corporate Bitcoin holdings on the planet.

This is the first time a deal of this scale directly ties traditional debt markets to crypto volatility. Institutional appetite for crypto-backed corporate debt is being tested in real time.

Credit agencies may downgrade debt linked to volatile assets like Bitcoin, adding a new risk layer for investors. But if the deal succeeds, it opens the door for more firms to adopt BTC as a treasury asset.

The outcome could reshape how corporations think about Bitcoin on the balance sheet.

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