The Wolf Of All Streets - Bitcoin Faces A $75B SpaceX Drain Today – Largest IPO In History

Episode Date: June 12, 2026

Bitcoin and Gold are both posting the worst year of any major asset class in 2026 — BTC down 30%, Gold down 6% and Charlie Bilello says it's the first time we've ever seen this in a calendar year. Meanwhile, SpaceX just made history today, debuting at a $1.75 TRILLION valuation in the largest IPO ever recorded (2.4x the previous record Saudi Aramco) with retail orders alone exceeding $70 billion. We break down whether Bitcoin and Gold's historic underperformance signals a generational opportunity or the death of the safe haven thesis, what $75 billion flowing INTO SpaceX means for the next leg of crypto liquidity, and which catalysts could finally turn the tape. Learn more about your ad choices. Visit megaphone.fm/adchoices

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free of charge. BetMGM operates pursuant to an operating agreement with Eye Gaming, Ontario. Bitcoin faces a 75 billion. billion dollar space x drain today it is the largest IPO in history this is the super bowl of financial markets jim kramer says that it can soar to unsustainable heights that's good right we're going to talk about that of course the debate between michael sailor and jack muller's a bitcoin prog and sailor's head scratching comments right now let's get into it let's go come on Good morning, everybody.

Happy SpaceX IPO Day to those who celebrate. I'm celebrating by riding a heavy falcon rocket to the moon. You can see Earth is back there somewhere. You peasants down there. Just know that for the entirety of this show, I'll be looking down on you. Okay? Just know that. I'm in my moon base, though, where we're here for the SpaceX IPO.

It's going to be exciting. I have no idea what's going to happen because I have a small enough ego to realize that I cannot predict the future, but I do expect likely that we will see some extreme volatility today. So obviously, I'll get into SpaceX. First, I want to talk about one Michael Saylor.

We're getting this little weird, awkward. Hey, I was sitting in the front row video that everybody's talking about. Let me just go ahead and show you. show you what Michael said. And I refuse to do it because a troll on Twitter said, hey, hey, hey, you said, never sell you Bitcoin. Okay, fine, I'll destroy a billion dollar, a hundred billion dollar company so that I don't sell my Bitcoin. Well, the point is, I said to, by the way, I said to you never sell you Bitcoin.

I never said that the company wouldn't sell his Bitcoin. And anybody that's been listening to our earnings calls or reading our disclosures or has half a brain knows for the last five years, we've been very clear that, of course, we sell the Bitcoin if we have to. Yeah, I'm going to do this. Hey. He definitely said sell a kidney, but don't sell your Bitcoin. He has never personally sold any Bitcoin. And if you do read their disclosures and listen to their calls because they are SEC regulated and are stacking Bitcoin and have preferred securities,

they have always said technically that the company would be willing to sell Bitcoin because their products are backed by Bitcoin. But he was feeling a little he'd, feeling a little spicy that day. And I'm not sure he should have said that, right? I mean, it is technically true. It did tell us to never sell our Bitcoin. I believe an individual should probably not sell their Bitcoin. But, you know, somebody, it sounds like kind of got under his skin a little bit in that one. and it's important to remember that strategy will remain a net buyer of Bitcoin no matter what.

They might sell a little bit. We've seen it twice in history and that they've bought more. But that one is definitely setting the world on fire, right? This comment that he made there. And if you guys haven't seen the other video, I won't be showing it. But Jack Mullers is obviously the CEO of Strike and of 21, a competitive treasury company, had some spicy questions for sale or Bitcoin Prague. I think you, like, stood up in the audience.

He's like, hey, Jack Muller's here. Asked your question. You know, like when they put the mic in a college kid's face and he debate somebody up on stage. So first of all, people are taking it that these guys, like, hate each other, but these guys love each other. I literally was at Michael Saylor's house, probably in 2021, and he had a birthday cake for Jack Muller's and we sang happy birthday.

That happened. So he had a birthday party for it. at his house. So these guys are definitely friendly. But it was a conversation about what would be dilutive to the strategy stock if what we just saw was not dilutive when they added to their cash balance and bought more Bitcoin by selling strategy stock. And of course, how do you calculate MNAF? I wrote a newsletter about it today, probably the best way to actually fill the space. Oh, I'm on the wrong screen again. This one. That's good. I'm so bad at this because I'm so used to doing it a different way. on the other days.

So just read the newsletter, the Wolfden Newsletter. But basically, the TLDRs, it's really complicated to calculate MNAV. Do you consider convertible debt that's out of the money, or do you not consider it? What metric should people be looking at? Should it just be Bitcoin yield? Or when you have a complex capital stack, is there more to it? But the bottom line is if you're going to invest in treasury companies right now, it's very, very hard to define the metric at which they are successful and you're doing better than

just buying Bitcoin. Now, you all know that I'm a sailor fan. I own some STRC. I bought, I mean, it was 92 bucks. I was like, if this thing goes back to 100, YATZ, you know, like get that gap up to 100 plus that sweet, sweet 11.5% yield, but it's not like I'm putting all my savings account into STRC, right? And I buy Bitcoin more than I buy anything else, and that is the preferred asset that I personally would like to buy, but it's just very complicated because you can't just like divide the market cap by that amount of Bitcoin you hold and be like, yay, our MNAV, right? There's like four preferred products here, convertible notes, the actual micro strategy stock, very, very hard, I think, to calculate these things.

Now, I want to talk a little bit about the Bitcoin Marquette. Oh, more importantly, I have a guy you might know. He's the president and CEO of strategy. his name's Fong Lee. You guys might know him. Very important. Talking to me at noon on the Daily Wolf. So I'm going to just flat out ask him. You know, I was like Fong, uh, dude, do you just come on the show? We don't usually do guests. We got 15 minutes. And I'm just going to hit you with all the questions that I'm seeing on social media and you can just answer them straight up. So that's probably, I don't even know why I just covered it when I could just get the correct answers. Now I'm going to probably look dumb because I probably said things are wrong. I'll probably say the things that are right. But you should watch that at noon. So listen, I want to talk about where Bitcoin's at. So obviously we're at kind of like peak negativity fund here.

Once again, I feel like Bitcoin down 30% and gold down six. So the two worst performing major assets so far in 2026, something we haven't seen before in any calendar. You'll, year, that sounds bad. Then you have these kind of things. Analysts reveal harsh reality for new Bitcoin buyers. So 95% of people who have bought Bitcoin recently are underwater. So they're making this as the case that we have to go down further and the market can't go up because all these are going to be sellers the minute that they get back in profit. And I ask you, how does any market go up out of a bear market?

If that analysis is correct. These are the kind of things you see at the bottom. Everybody's out. There's despair. Like markets eventually go up, guys, even if there's people who are not in profit and they have to sell when they get there. But these are the kind of narratives that we're seeing repeatedly over and over again. And listen, I mean, just to take a very, this drive me nuts, I got to reframe this watch. Oh, that felt good.

Stuck it right in there. So weird. I'm so weird. Listen, I've been telling you about my case for Bitcoin bottoming, not necessarily the Bitcoin bottom. But here's the chart. This is the weekly chart. The weekly 200 MA has only had candles close below it for more than a week once in history. and that was after the FTX collapse, right?

I've showed you the chart. We can go back, but the 200 M.A, this is the fourth time it's ever been tested. This is only the fourth worth time that weekly RSI has ever been oversold. And right now, we have just like the past ones with a wick below that 200 MA on the weekly. And by the way, when it broke over here at 105,

I sent a tweet that was like, man, I don't want to be the bearer bad news. I don't necessarily think it's going to happen. But every time we've broken the 50MA on the weekly chart, we've gone to the 200. Back then, it was at 55. Right now, it's risen to 62 right here. And we have potential bullish divergence.

We have a higher low there on RSI coming out of oversold for the fourth time in history where they confirmed a lower low right here from over here in price. I mean, this is like the ultimate bottoming type setup. You have two candles. This is a nice little reversal candle if we can close that way on Sunday, both wicking below the 200MA. And like taking a look at CalSh. here. So actually, I'm going to put out a video later. I took a quick look at Kalshi perpetuals, which are doing a billion a day already, and they haven't even started marketing

them yet. But Kalshi is actually legal in the United States. Like, we keep talking about polymarket, but I can't trade on polymarket. So now I'm going to start looking at Kalshi, who will hopefully be working with a lot in the future. But this is their Bitcoin markets right here, right? So, like, if you believe that we're bottoming or that the bottom is in, there's a gazillion ways here to take a directional bet on this. So they do have perps now with like 5.8x leverage. It's very low. But like, how low will Bitcoin get in June? Like this month in the next two and a half weeks, do you think we're going below 55? 14% think so. How low will I get this year? Below 45,000, 43% think that.

Personally, I would probably take the other side of that. I don't think we're going to go below $45,000 this year unless Elon Musk blows us up. So that could happen tomorrow if SpaceX goes bad. Let's be honest. Right. At end of 2026, so bearish. 60 to 64, 50 to 54. If you're at all bullish right now, I think it's pretty clear that you can make some pretty strong directional

best. Will Bitcoin be above 200K by next year? 95% no. Okay, that's pretty. Yeah. 250k, 97%. I mean, might as well take the 250k bet, right? Yeah.

So will Bitcoin hit 50 before 100? Yes. I mean, listen, 50's a lot closer than 100. But so that's what. But like there's a million ways that you can actually like handicap this. But I think what's most notable here is that they're exceptionally, exceptionally positioned bearish. when I look across the entire board here,

and it's pretty ugly out there. So, listen, let's talk a little bit about Space Ass. The sequel to Spaceballs. Space Ass. Latest, Jim Kramer warned Space Ass could surge to unsustainable levels at debut.

So listen, I mean, being factual about this, right? They were looking to raise $75 billion. They drew more than $70 billion just from retail alone. We told you, I think it was, like 4x over subscribed. So listen, there's a lot of smash buy orders right at the open today.

And I would imagine most investors are still locked. They don't get their shares today. So you would have to imagine rashly. I'm not saying this will happen, but we often see it happen that on the first day or in the first hours, we probably see a massive move up, right? Because there's not that many sellers who have shares yet. And there's going to be so much buying coming in. The question is, what will happen, you know, over the next few months, the 10 biggest

IPOs in history went down an average of 35% in their first six months. SpaceX wants 1.75 trillion on Friday and people are calling it a generational entry. So you know that I've definitely been a bit concerned about where the liquidity for all of this is going to come from today. But I think if the liquidity was coming out, that's probably the tech selloff we saw last week. Liquidity is out. Right. I mean, people are going, they want to buy today. They've sold whatever they need to sell to buy that today. So I think to some degree, that's probably good news. but like you got this guy man look at him is you going to be right

so actually you know he's kind of right he's actually well positioned here if you read the quote because it's basically saying it will be a massive pump but unsustainable also implies bearishness so I guess it actually makes sense that you could see a massive pump and then a dump I think coinbase did that right it had a massive pump on the first half of day one started to dump and went down indefinitely

before taking a very very long time to come back Now, of course, Senator Warren doesn't want this to happen today. I would just like you to know that she hates us. I have to, where's my meme? One second, you guys are going to have to wait now. Had old lady yells at Cloud. This doesn't really work today because she's not yelling at crypto, but, you know, I made that. And so since I made it, it felt right for me to share it.

I was trying to make another one yesterday, and I literally forgot about it before doing my show, which is sad. I'm going to go, you're going to sit here while I go into chat, GPT and see if I ever made the name. It's not loading. It's not loading. Yeah, I mean, we know that Elizabeth Warren's going to be mad at whatever we do. She hates fun. She actually hates you.

And that's why I flew to the moon. I wanted to get away from her. She's terrible. She's really awful. But I think it's fair to say that no matter what happens today is going to be epic and extremely exciting and what are your predictions? I mean, what do you guys think will happen? I'm assuming back. I never got that image. Didn't make it for me. Sad. What do you guys think is going to happen in the comments before we go? Pump, dump, dump, pump to dump, dump, dump to pump.

Pumpy dumpy. Come on. Generational entry, my ass. Most IPos retrace 70%. Yeah, it's good. I mean, probably, I mean, 1.75 billion is a lot. trillion's lot. And by the way, we have Open AI. An Anthropic coming down the pump. Pump the dump, then pump. Pump, pomegranate. Famous singer Chris Brown is here. He dances well. I think retail are about to hold some big bags.

I mean, that's my, yeah, we're all just hump-dy-dumpties. retail exit liquidity. Yeah, I mean, this is kind of kind of how I'm feeling about it myself. But listen, I don't know. Pumpty-dumpty had a great fall. Funny. You're funny, rugs.

Rugs. Did you guys see how now you've got to find it? Japan major banks. This was so funny. I was doing my show, The Daily Wolf, and I read this article that was like the main banks in Japan, and one of them was MUFG, which is Muffug. And one of them was Smbc and that's some bitch.

Like, you can't make this shit up. We're in the simulation. That's your name. Mubfug and some bitch. And Mizzu Ho was the third. And that's got ho in it. So that's also funny. You know what, guys?

I've covered literally everything that I want to cover today. And some days, it's better to just go prep for your next show, talking to Fong Lee. We're going to do that. Chris Brown's laughing. You're a great dancer, man. Really, Michael Jackson of our era. Truly. That's all I got for you guys.

I'll be back for the Daily Wolf. I'll be back on Monday with Macro Monday. Oh, man. Can you imagine Macro Monday this week talking about SpaceX? That's going to be fun. Got to get off the moon. running out of oxygen. See you later.

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