In a significant announcement from SpaceX, the company revealed a Bitcoin position worth an impressive $1.45 billion in its recent IPO filing with the SEC. This disclosure underlines CEO Elon Musk’s ongoing commitment to the burgeoning digital asset market. As of December 31, 2024, SpaceX held 18,712 Bitcoin, which were acquired for $661 million, indicating no change in its holdings from the previous year.
This substantial Bitcoin treasury places SpaceX among the top ten largest corporate holders of the cryptocurrency. The filing specifies that the Bitcoin is currently stored with third-party custodians. Musk had initially boosted the company’s balance sheet during the crypto market surge in 2021, acquiring a total of 25,724 Bitcoin, according to Bitcoin Treasuries.
However, the company did report a $112 million unrealized loss on its Bitcoin holdings over the past year. In a contrasting turn of events, SpaceX recorded a remarkable $955 million gain on paper in 2024. On-chain analysis suggested that the firm may have consolidated a portion of its Bitcoin into a single wallet last year, leading to speculation that Musk’s enterprise had reduced its holdings to approximately 8,285 Bitcoin. Nevertheless, researchers may not have traced all of SpaceX’s wallets.
Despite the apparent trimming of its original stockpile, SpaceX has still maintained a significant Bitcoin position. Comparatively, Tesla, another company linked to Musk, holds 11,509 Bitcoin, which has seen a decrease as the cryptocurrency market faced downturns in 2022.
Elon Musk has been vocal about Bitcoin in the past, calling it “a good thing” during a discussion on Clubhouse in 2021 and expressing his support for the cryptocurrency. However, the company’s acceptance of Bitcoin as a payment method was short-lived, as Musk later cited concerns about the cryptocurrency’s environmental impact on social media.
Although Musk is often associated with his enthusiasm for Dogecoin, sometimes referred to as his “favorite cryptocurrency,” the recent IPO filing made no reference to it, suggesting a more reserved approach towards speculative assets at this time. The revelation of SpaceX’s Bitcoin holdings continues to fuel discussions in the financial and tech sectors regarding the evolving role of cryptocurrencies in corporate finance.
