The SpaceX IPO Is Creating A Massive Opportunity In Crypto

Watch on YouTube ↗  |  June 11, 2026 at 18:45  |  43:57  |  Milk Road Macro
Speakers
John Gillen — Co-Host, Milk Road Macro
Martin — Head Crypto Researcher, Milk Road Pro

Summary

John Gillen and Martin discuss the SpaceX IPO's impact on crypto markets, identifying overlooked buying opportunities in Bitcoin and Ethereum as capital rotates. Martin remains extremely bullish on Galaxy Digital for its undervalued AI data center business and on Figure for its blockchain-based lending platform. They also analyze institutional blockchain adoption via a major Canton Network raise, debate Ethereum's role, and assess whether Bitcoin has bottomed.

  • SpaceX IPO is draining attention and capital from crypto, creating buying opportunities in Bitcoin and Ethereum.
  • Martin advises avoiding the SpaceX IPO itself due to overcrowding and lack of edge.
  • Galaxy Digital's AI data center contracts with CoreWeave and upcoming tenant provide massive, recurring cash flows that the market still undervalues.
  • Figure, a blockchain lending platform, is growing fast, profitable, and offers real-time on-chain metrics; Martin is adding to his position.
  • A $355M raise into Canton Network by top institutions validates institutional demand for blockchain but highlights public chains like Ethereum as the ultimate winners.
  • Both speakers see Bitcoin near a bottom, with John actively buying dips and Martin waiting for accumulation and ETF inflow signals to turn before going long.
  • The GENIUS Act faces a narrow window and political headwinds, making its passage unlikely in the near term.
Ideas
Martin Head Crypto Researcher, Milk Road Pro 2:50
Avoid SpaceX IPO, wait for stabilization.
Standing SPCX policy keeps SpaceX-related rows as watch; the video discusses the SpaceX IPO and related crypto opportunities rather than a clean actionable SPCX trade.
SPCX MED
John Gillen Co-Host, Milk Road Macro 4:00
Buy Bitcoin, Ethereum on SpaceX IPO weakness.
Major institutions like Apollo, Citadel, and BNP Paribas investing in the Canton Network validates the need for blockchain infrastructure. However, permissioned chains lack true decentralization, censorship resistance, and the continuous innovation of public blockchains. Ultimately, the better, more secure, and more innovative solution will be public blockchains like Ethereum, which should benefit from this institutional validation as the market matures.
ETH MED
John Gillen Co-Host, Milk Road Macro 4:00
Buy Bitcoin, Ethereum on SpaceX IPO weakness.
Bitcoin is at generational low prices, but a sustained trend change requires real demand signals. Watching on-chain holder accumulation, ETF inflows, and digital asset treasury purchases. Until these emerge, Bitcoin likely ranges between $60k-$70k. The first signs of a bottom will be these demand metrics turning positive.
BTC MED
Martin Head Crypto Researcher, Milk Road Pro 10:13
Galaxy Digital's AI data center undervalued.
Galaxy Digital's Helios AI data center already has an 800 MW contract with CoreWeave generating $1B annual revenue at 90% margins. Another 800 MW has been approved and a tenant is expected by end of summer, likely bringing another $1B revenue. Additional 1.8 GW under study with fast-track approval potential in Texas, plus excess electricity supply that sometimes pays consumers. The crypto business is an added call option. The market still undervalues the predictable, contracted AI infrastructure cash flows.
GLXY HIGH
Martin Head Crypto Researcher, Milk Road Pro 15:31
Figure's blockchain lending platform undervalued.
Figure is a blockchain-based lending platform with a successful home equity loan product (Hilo) and a growing marketplace (Figure Connect) with 400 partners. They just acquired a lender that will bring over $7B in annual volume and is profitable with ~$100M EBITDA. The company is profitable, growing 5-7% monthly on chain, and integrating with DeFi across Solana and Ethereum. Valuation around $5B is low, and on-chain metrics provide real-time transparency.
FIGURE HIGH
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This Milk Road Macro video, published June 11, 2026, features Martin, John Gillen discussing SPCX, ETH, BTC, GLXY, FIGURE. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Martin, John Gillen  · Tickers: SPCX, ETH, BTC, GLXY, FIGURE