SpaceX recently completed another tender offer at $185/share — its sixth in three years — allowing employees and early investors to cash out while the company stays private. But each round dilutes existing shareholders, including those holding SpaceX for its bitcoin treasury thesis. BTC is at $70.6K right now. SpaceX holds ~8,285 BTC, but as share count grows, the BTC-per-share drops. It's a subtle risk most people aren't pricing in when they talk about corporate bitcoin adoption — the unit economics can erode even as the headline BTC number stays flat. Does SpaceX's private structure make its bitcoin hoard more or less compelling as an investment angle? Just sharing my thoughts. Not financial advice. DYOR. #SpaceXDilutionRisk #OKXOrbit